The Nigerian Content Development and Monitoring Board, NCDMB, is deepening indigenous companies collaboration to invest in the midstream and downstream sectors of oil and gas industry.
The collaboration is specifically targeted at expanding in-country refining of petroleum products and driving the decade of gas initiative of government.
Speaking at opening of the maiden edition of the Nigerian Content Midstream-Downstream Oil And Gas Summit, hosted by the Board in Lagos on Monday, Minister of state for petroleum resources Timipre Sylva, said government is now pushing for expanded exploration of opportunities in the two subsectors of the industry.
The Minister, said the summit will further bolster stakeholders understanding of huge opportunities in those sectors just as the country takes interest in addressing energy poverty through investment in gas.
He said governments next level agenda is to increase local refining capacity by supporting investment in greenfield and modular refinery projects.
While commending the Boards spectrum of partnership, Sylva said implementation of the Petroleum Industry Act, PIA, will further unlock opportunities in the gas sector to reduce Nigeria’s energy poverty.
Earlier, thr Executive Secretary of the NCDMB, Simbi Wabote, observed that despite huge investments in Nigeria’s oil and gas industry, the Midstream and Downstream sector still lacks a coherent strategy to maximize the Local Content potentials of these massive investments.
Wabote noted that the theme, Maximizing Potentials in the Midstream and Downstream Oil and Gas Sector – A Local Content Perspective, was carefully chosen to create the desired opportunity for stakeholders to examine potentials of the industry.
He explained that the Nigerian oil and gas industry had witnessed major projects in the Midstream and Downstream sectors of the oil and gas industry in the last six years.
The summit he added would articulate an agenda for actualizing the full potentials of massive investments that have poured into the Midstream and Downstream sector of the Nigerian Oil and Gas industry, with a view to maximizing the expected benefits to the national economy.
He listed some of the projects to include the NLNG Train 7 Project, the AKK Gas pipeline, the Dangote 650,000 barrels per day refinery, amongst others. He added that the NCDMB has also made huge investments in modular refineries, LPG Storage and Bottling Plants and Depots, amongst other interventions.
The ES, said currently the Board has equity investment in Waltersmith’s modular refinery and Azikel modular refinery and other strategic development initiatives in the hydrocarbon value-chain in line with the Board’s vision to serve as catalyst for the industrialisation of the Nigerian oil and gas sector.