NCDMB unveils $100bn business opportunities for operators |

NCDMB unveils $100bn business opportunities for operators |

Executive Secretary, NCDMB, Simbi Kesiye Wabote at NOGOF 2019. Photo/Twitter/officialncdmb

The Nigerian Content Development and Monitoring Board (NCDMB) has presented 80 business opportunities that worth $100billion for operators in the Nigerian Oil and Gas industry.

Speaking at the recently concluded 2nd Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State, the Executive Secretary, NCDMB, Simbi Kesiye Wabote, said the Board had identified over 80 oil and gas opportunities that would be developed by major international and indigenous operating companies in the short and long term, with the estimated cumulative value of the projects exceeding $100billion.

The projects are contained in the Compendium of Nigerian Content Opportunities in the Oil and Gas Industry launched at the event.

The projects and opportunities cover the upstream, midstream and downstream sectors of the Nigerian oil and gas sectors and were collated from presentations by various oil and gas companies at the first edition of NOGOF in 2017 and updated at workshops organised by the Board in October 2018.

Wabote explained that the compendium was intended to create a database of Nigerian Content opportunities and help indigenous and potential investors prepare, improve their capacities and capabilities to participate in available and upcoming contracts and projects.

He added that the compendium gives the industry a five year outlook and enables stakeholders to key into those opportunities.

“Two years ago when we held this workshop we talked about ExxonMobil’s Ibot, Total’s Ikike and NLNG Train 7. Today they are going through the funnel and within the next few weeks they would take Final Investment Decisions (FIDs) on Ikike and Ibot and before the end of the year they would take FID on Train 7.

“We focus and follow through on those opportunities. Every two years we roll on new opportunities and add to the compendium,” he said.

In his comments, Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, pointed out that the speedy development of the identified $100billion opportunities would require the roles and contributions of various entities, including the Department of Petroleum Resources (DPR) for approvals, Nigerian National Petroleum Corporation (NNPC) for negotiations and the oil companies, who would take FIDs, among others.

He promised that the Ministry of Petroleum Resources would midwife a special arrangement that would involve every agency of government and entity that has a role to play in the approval and development of the identified projects.

“We must avoid a situation whereby NCDMB might work very fast and gets to the goal post and others are just taking off. We would create an arrangement that involves everybody and be clear about the deliverables, timelines and opportunities and bring out something which everyone can then drive,” he said.

On government’s support for modular refineries as a strategy for ending crude oil theft, vandalism and environmental degradation, Kachikwu hinted that the Ministry of Petroleum would develop a policy that would encourage persons living in oil producing communities to form cooperatives, with which they can set up and own modular refineries.

“We would have some agreements with them to stop the sabotage. We can work with NCDMB to put in a bit of funding. Then we put in technical know-how, business structure around it and have a major shareholder who is an entrepreneur. That way the locals get to participate, get jobs, polish their skills sets, crude is paid for and not stolen and the environment is better dealt with,” he said.

Speaking further the Minister expressed regret that the potentialities of the Nigerian oil and gas sector was not being maximized and counselled stakeholders to accelerate their activities because oil is a fast degenerating asset and developed countries were already switching to cleaner energy options.

He also challenged industry players to strive for improvements in all facets of their operations, insisting that Nigerian should be producing over seven million barrels of crude oil every day and enough gas to meet its electricity needs.

Over 1000 delegates including the Governor of Bayelsa State, Hon Seriake Dickson; Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu; Managing Director of Shell Petroleum Development Company (SPDC), Mr. Osagie Okunbor and many other dignitaries participated in 2nd edition of NOGOF organised by the NCDMB in Yenagoa, Bayelsa State.

The fair, which had the theme ‘’Maximizing Oil & Gas Industry for the Benefit of the Nigerian People’’ was held at the NCDMB 1000 capacity conference hall.