By Ndubuisi Micheal Obineme
Friday 5th, 2019, Yenegoa – The Nigerian Content Development and Monitoring Board (NCDMB) has formerly launched a 130 page Compendium of Nigerian Content Opportunities in the oil and gas industry at the 2019 Nigerian Oil and Gas Opportunity Fair (NOGOF).
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, presented the hard copy of the Compendium, a large size hardback coffee table book at the sideline of the event.
According to him, the Compendium contains all the project opportunities as well as local content specific opportunities that will enable industry stakeholders and investors see the opportunities available within the next five years in the oil and gas sector of Nigeria.
It was also highlighted that the future of the Nigerian oil and gas sector is very bright as the midstream and downstream sector of the industry was projected to have investment opportunities worth over $51 billion to support the growth phase of Nigeria.
Wabote said that the Compendium also serve as a collection of industry opportunities that will guide the Nigerian oil & gas entrepreneurs to pursue specific opportunities in the industry based on their capacity which will also help them measure the level of achievements attained on the listed opportunities from time to time.
Speaking further, the compendium will be updated every two years so that stakeholders in the industry will be aware of what is coming their way as lack of information has been one of the major challenges of local businesses.
He said: “Local businesses don’t understand the opportunities that are coming because in the past, companies shielded and shared with only those that they know. But we say no more! Let us put out this in the public domain because Nigerian businesses are complaining that they don’t know what is coming and that once it comes they are not prepared enough in terms of finance, capacity thus making them unable to deliver. Then you say Nigerian company cannot perform. For you to try them, give them the opportunity and watch them grow gradually.”
“We have shared the opportunities; we are also going to expand it on our website. Take advantage of these opportunities; get away from the entitlement mentality because local content is not an entitlement agenda. The oil and gas sector is a sector where you must provide your service to the right specification and quality because we cannot accommodate failure and mediocrity. If you are not able to do it, let those who are competent do it. Build your capacity to take advantage of it. The Local Content Act is not for foreign companies alone, it is for Nigerian companies as well,” Wabote added.
The Chairman, NOGOF 2019 Planning Committee, Akintunde Adelana along with the Event Organiser, Mrs. Funmi Ogbue, MD/Principal Consultant, Jake Riley Ltd said that the compendium is NCDMB’s pioneer attempt at creating a database of opportunities covering the upstream, midstream and downstream sectors of the Nigerian Oil and gas industry.
“The aim is to help local, indigenous and potential investors to prepare and improve their capacities and capabilities to participate in available and upcoming projects.
“Opportunities abound for both operators and investors with around $35.4 billion investment opportunities in gas exploration and production activities, power plant projects, fertilizer plants, virtual pipelines and flare gas commercialization initiatives, as well as $16 billion investment opportunities in the Free Trade Zone (FTZ) infrastructure development and concessioning, port infrastructure, Central Gas Processing Facilities (CPF), gas transmission, Liquefied Petroleum Gas (LPG) plants, real estate development, pipe milling and local fabrication yards among others.”
“Divestment of assets by International Oil Companies (IOCs), the sale of marginal fields by the Federal Government of Nigeria, and granting of pioneer status incentives to indigenous exploration production companies are some of the recent developments in the industry which would further support this projected future growth,” they concluded.
The fair attracted the highest quality of speakers as the sessions are led by leaders of the industry such as ministers, heads of NOCs, Academia, leading geoscientists and CEOs of major oil and gas companies, IOCs also in attendance.
NOGOF 2019 was held in Yenegoa, Bayelsa State within the premises of NCDMB’s newly built headquarter.