Most of the Country’s Oil Blocks Now Owned By Nigerians – Wabote
The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Mr. Simbi Wabote, recently spoke with Femi Asu of Punch, during which he said the implementation of the local content law in the oil and gas industry has made many Nigerians owners of oil blocks and licences.
Following the decline in crude oil prices from a peak of $115 per barrel in 2014, local service providers have been hard hit. Are you not worried that some international oil companies are still asking for discounts?
Contracting cycle time is of great concern not just to operators but also to the NCDMB and I am sure, some of our sister regulatory agencies because it increases the cost of doing business and it delays investment decisions. I think the Minister of State for Petroleum, Dr. Ibe Kachikwu, charged all agencies involved in the oil and gas sector to ensure that they reduce the contracting cycle time as much as possible. In fact, he gave a benchmark of six months as his acceptable turnaround time for contracts.
It is a bold step and all my colleagues within the board are aware of this and are working conscientiously to make sure that the turnaround time is drastically reduced on those items that are within our control. We are working in collaboration with other agencies to understand the challenges.