NOGOF 2019: Take advantage of $100bn new projects in O&G, Wabote tells indigenous firms

NOGOF 2019: Take advantage of $100bn new projects in O&G, Wabote tells indigenous firms

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Peace Obi and Kenechukwu Obiajuru, Yenagoa.  

The Executive Secretary, Nigeria Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote on Thursday advised indigenous companies to position themselves to take advantage of new projects valued at about $100 bn in the oil sector.

Wabote, said that the inflow in investment into the Nigerian oil and gas sector is necessitated by the rebound in the oil prices as well as government’s policies, adding that the projection was for the next three years

The Executive Secretary who spoke at the panel session of the ongoing Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa noted that although Nigerian Content has risen to 30 per cent, noted that the board was committed to achieving 70 per cent in the next nine years. 

He said that the NCDMB has made it compulsory for oil firms to give priority to indigenous firms to boost the participation of Nigerians and reduce the dominance of foreigners in the Nigerian energy sector. 

He noted that NOGOF was conceived by the Board to showcase available opportunities in the oil and gas sector for Nigerian companies and investors to take advantage of. 

At the event which held in the NCDMB’s new ultra modern 17-storey building, representatives of International Oil Companies operating in Nigeria took turns to showcase their project opportunities in the next three years and their commitment to Nigerian Content.

Mr Osagie Okubo, Chairman of Shell Companies in Nigeria in his presentation noted that Shell would invest at least $15 bn in 24 projects across the offshore

He applauded the federal government for clearing the outstanding cash call obligations and reviewing the funding model in the oil and gas sector, adding that the development has given a new lease of life to the industry.

 

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