Its Executive Secretary, Simbi Wabote, who stated this while enumerating the benefits of the Nigerian Oil and Gas Opportunity Fair (NOGOF), which holds in Yenagoa, the Bayelsa State capital in April 4 and 5.
The event has as its theme: “Maximising investments in the Nigeria’s oil and gas industry for the benefit of the Nigerian people”.
He said the first edition, which held two years ago, was able to attract investment worth $20 billion. This year’s edition, he said, is expected to attract $25 billion worth of investments.
He said: “In the past two years we have been able to push opportunities worth about $20 billion into the oil and gas industry, citing projects such as the Shell Petroleum Development Company Limited’s (SPDC) Bonga Southwest project, Total’s Ikike project, ExxonMobil Ibot project and Agip Abo project, among others. ‘’
Final Investment Decisions (FIDs), he said, would be taken on these projects soon while the FID on Abo project has been taken and work has commenced on it. ” These projects were some of the investments opportunities identified and discussed with industry players at the first edition of NOGOF,” he said.
He added:“In the next two years we are also looking at pushing opportunities worth $25billion going by the opportunities we have identified and ready to share at the oncoming fair.”
He noted that the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, has brought tremendous transformation in the sector, adding that the country’s oil and gas industry looks positive in spite of the changing dynamics in the global market. The dynamics have led to crude oil pricing uncertainties and the Petroleum Industry Governance Bill (PIGB) hanging in the National Assembly.
Since the Nigerian Content Act came into effect, he said, the oil and gas industry had recorded significant FDI from pipe mills and growth in Nigerian-owned marine vessels.
Wabote said the major focus of the Nigerian Content Law was “domiciliation” of value-adding activities. According to him, NOGOF would be a forum to share information about available opportunities to investors, who had established fabrication yards, engineering houses, pipe mills, pipe-coating yards, cable manufacturing and other facilities since the implementation of the Nigerian Content Act in 2010.
“It is important for the investors and other stakeholders to have a line of sight to projects opportunities in the funnel so they can position themselves for the desired growth,” he said, adding that investments and service providers were stifled in the past due to lack of information on projects in the short, medium and long term.
“In the past, by the time the opportunities come on the table the service providers will not be ready in terms of capacities to deliver the goods, hence the importance of this Fair.
‘’The NOGOF is a platform we want to use to share the opportunities that are warehoused by the various international operating companies and indigenous operators. This would cover upstream, midstream and downstream business opportunities. It will address access to market, so that companies will know and understand what is coming and prepare themselves.
“NOGOF brings together major players as well service companies, industry regulators and government agencies to showcase opportunities in the industry and present available in-country capacities to all stakeholders in attendance. A copy of the compendium of Nigerian Content Opportunities in oil and gas industry will be given to every delegate to the Fair.
“The maiden edition, which held in Uyo, Akwa Ibom State, last two years had over 1200 delegates, 33 exhibitors and presentation of industry opportunities, covering engineering designs, pipe construction facilities upgrade, projects in various parts of the industry, among others. The delegated extensively discussed brown and green fields’ opportunities, among others.”
The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu will lead discussions on the available and emerging investment opportunities in the Nigerian oil and gas Industry at this year’s NOGOF.
Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru and chief executives of international operating companies are expected at the event.