The country’s oil and gas industry has seen a major leap in investments to the tune of $3.7 billion following sustained commercial ventures partnership programme embarked upon by the Nigerian Content Development and Monitoring Board, NCDMB.
The Board said it has also invested a total of $332 million in various project implementation
In his opening speech at the 3rd Edition of the Bi-annual Nigerian Oil & Gas Opportunity Fair (NOGOF) 2021, Executive Secretary of the NCDMB Simbi Wabote, said that following funding constraints by indigenous oil firms
to realize Oil and Gas opportunities, it has gone more steps to widen the options for accessing its intervention funds by increasing the size of the Boards intervention funds from $200million to $350million, increasing the number of products from 5 to 7, and also increasing the number of managing banks from 1 to 2.
Speaking on the theme, ‘’Leveraging Opportunities and Synergies for Post Pandemic Recovery Of The Nigerian Oil & Gas Industry’’ said it underscores the current realities we face as a nation and the opportunities and synergies that could be realized as we hopefully return to normalcy.
Wabote also said that the $50million Nigerian Content Research and Development Fund has been approved by the NCDMB Governing Council to drive basic research, commercialization of research breakthroughs, establishment of Centers of Excellence, and to sponsor University endowments.
“To date, we have committed a total of USD332million to attract project developments valued at $3.7billion under our commercial ventures partnership program.” said.
On its push to scale up in-country refining of petroleum products, the Executive Secretary said the Board has delivered on its investment policy on modular refineries.
” We have proven the concept with the commissioning of the 5,000bpd Waltersmith Modular Refinery at Ibigwe, Imo State.
Three other modular refineries are under construction under our Commercial Ventures programs” he said.
Also, in the last two years, the Board has commenced partnerships to deliver gas value-chain related projects.
To achieve the objectives, the NCDMB is in partnership with NEDO Gas Processing Company in Kwale, Delta State for the establishment of 80MMscfd of Gas Processing Plant and a 300MMscfd Kwale Gas Gathering hub.
It is also in partnership with Triansel Gas Limited in Koko, Delta State for the 5,000MT LPG Storage and Loading Terminal Facility and Duport Midstream for the construction of Energy Park inclusive of a modular refinery, power plant and 40MMscfd gas processing facility at Egbokor, Edo State.
There is also an ongoing partnership with Brass Fertiliser for the development of a 10,000MT/day Methanol Plant and 500MMscfd gas processing plant at Odiama in Brass.
Wabote equally mentioned an existing pact with Rungas Group for the manufacturing of 1.2million composite LPG cylinders every year in Bayelsa and Lagos States and a collaboration with Butane Energy to deepen LPG utilization in the North with the roll-out of LPG bottling plants and depots in ten (10) Northern States of Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, Jigawa states and Abuja;
He said the Board has also implemented other actions contained in the 2019 NOGOF communique such as ascertaining the capacity of fabrication yards in Nigeria, gap closure of special skills such as Certification of Level-3 Non-Destructive Testing Practitioners and setting up of Diploma Program for Marine Quantity Surveyors at the Niger Delta University.
These were done to replenish aging practitioners and scarcity of skills set.
He also listed local content opportunities in
the Federal Government implementation of the N2.3trillion Economic Sustainability Plan managed by the Office of the Vice President for public works, housing program, Solar Home Systems, agriculture, healthcare, and social investment.
“There is no gainsaying that the desired level of opportunities cannot be harnessed by Nigerian companies without the domiciliation of critical infrastructure such as roads, power, trunklines, railways, etc” he added.
He further added that the Nigerian Oil and Gas Park Scheme (NOGaPS) at Odukpani in Cross River state and the one at Emeyal-1 in Bayelsa state are at advanced stages of completion.
He disclosed that there are opportunities in areas of manufacturing, logistics, security, facilities management, training, catering services, occupational health services, and many others.