By Elizabeth ADENUGA
After successful hosting of the maiden edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) in 2017, the NCDMB may have realized it can use the initiative to further reposition the country’s oil and gas sector due to monumental success story that followed.
According to the Executive Secretary, NCDMB, Engr. Simbi Wabote, over $20 billion worth of investments came into the sector in the last two years, which he credited to NOGOF.
The fair is a congregation of key stakeholders in the industry where networking, knowledge sharing and pronouncements regarding upcoming investments in the industry is shared.
Wabote, had realized that most operators, in particular local oil operators, do not have information about upcoming projects in the sector hence the introduction of the programme where key projects are compiled in a compendium and released to participants to study and bid for jobs.
He posited that the Board has accomplished all the targets set for 2017.
He reiterated that the $200million Nigerian Content Intervention Fund had been launched for oil and gas service providers that are contributors to the Nigerian Content Development Fund.
“The intervention fund has all-in single digit interest rate of eight percent for loans extended to Nigerian Oil and Gas Service providers and all-in single digit interest rate of five percent for loans extended to community contractors. With this opportunity, local oil servicing firms can showcase their potentials at the fair and look for job opportunities since funding may no longer be a hindrance,” he said.
The Board hopes to sustain the fair because as the country’s oil and gas industry looks even brighter despite changing dynamics in the global market which is creating uncertainties in crude oil pricing.
Stakeholders’ Expectation –
Addressing the media on the upcoming event, NOGOF, Wabote said the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 has brought tremendous transformation in the sector and is expected to attract $25 billion investment in the next two years.
Wabote, said since the legislation came into effect, the oil and gas industry has recorded significant Foreign Direct Investment (FDI) in pipe mills and growth in Nigerian owned marine vessels.
He said, the industry recorded $20 billion investment in the last two years, with various projects being pursued by International Oil Companies (IOCs).
He further disclosed that certain key Final Investment Decisions (FIDs) would be concluded before the end of the year that will set a new pattern of growth for the industry.
Wabote said the major focus of the Nigerian Content Law is “domiciliation” of value-adding activities which has identified investment opportunities in fabrication and construction; manufacturing of component parts, equipment, spare parts, accessories, drilling fluid, Sub-sea production systems, line pipes, and personal protective equipment (PPE) among others.
Speaking on NOGOF 2019, with the theme “Maximizing Investments Into The Nigeria Oil and Gas Industry for the Benefit of the Nigerian People”, he said the fair is another milestone achieved by the Board because it is uncommon to find players in the sector and beyond to come together in the same room to support Nigerian Content.
“So it is with great pride that we are able to bring together major players across the Upstream, Midstream and Downstream sectors of the Nigerian Oil and Gas industry as well as government agencies, industry regulators and the National Assembly to showcase opportunities in this industry and present available in-country capacity to all stakeholders in attendance,” he said.
He said that one of the key objectives of the fair is to bring together governments, national oil companies, investors, corporate players and independents and give them unique space in the country to network, discuss and share knowledge.
The potential benefits of the fair include, integrating oil producing communities into the oil and gas value chain, fostering institutional collaboration, maximizing participation of Nigerians in oil and gas activities, linking oil and gas sector to other sectors of the economy, maximizing utilization of Nigerian resources, including goods, services and assets and attracting investments to the Nigerian oil and gas sector.
With over 20 project opportunity presentations by Chevron Nigeria Ltd, ExxonMobil Nigeria, Greenville LNG, Nigeria Agip Oil Company, Pinnacle Oil & Gas, Shell Petroleum Development Company, Total E&P Nigeria and many more Upstream, Midstream and Downstream Oil and Gas companies, is attractive to operators.
Speakers and key leaders of industry that will grace the fair include: Dr Maikanti Baru, Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mr. Ye Shuijin President, China Chamber of Commerce in Nigeria (CCCN) and Mr. Olukayode Pitan, MD Bank of Industry. Others are Mr. Anibor Kragha, Chief Operating Officer, NNPC Refineries and Toyin Olagunju, GM, Major Projects – SPDC.
