$42bn deals at IATF to bring new projects in Nigerian oil and gas industry
By YANGE IKYAA
With over $42 billion worth of investment agreements signed by various Nigerian entities at the just concluded Intra African Trade Fair (IATF) in South Africa, there is strong optimism that so many new projects would soon commence in the Nigerian Oil and Gas Industry, Timipre Sylva, Nigerian minister of state for petroleum resources, has said.
The minister made this known during a speech at the ongoing 10th edition of Practical Nigerian Content Conference in the Bayelsa State capital, Yenagoa, where he was represented by the pioneer executive secretary of Nigerian Content Developemnt and Monitoring Board (NCDMB), Dr Famous Aseigbua.
The theme of the conference is “Driving Nigerian Content in the Dawn of the Petroleum Industry Act.”
Sylva also expressed that new projects were needed in the industry to increase production, grow national revenues, engage the local supply chain, create more employment for Nigerians and promote national security.
“We are proud of the FPSO Integration facility that was developed in Lagos on the back of Total’s Egina Deepwater project. This facility is the only one in sub-Saharan Africa. We eagerly look forward to getting a similar legacy project from the ongoing Nigeria LNG Train 7 Project,” he said.
While assuring of the Federal Government’s commitment to support and promote investments in gas as Nigeria’s transition fuel, the minister also noted that “this initiative feeds and helps our ministry to materialize extant gas policies in our Ministry like the National Gas Expansion program, the Gas Network Code and Flares Commercialization Program.”
This, he reiterated, was the basis for Nigeria’s “Decade of Gas Initiative” that launched by President Muhammadu Buhari in March 2021. He also assured of his ministry’s continuous support to all entities with the mandate to deliver on energy development and supply in the country.
His words: “Let me specially commend the NCDMB for catalyzing key investments in the gas sector across the country in furtherance of Federal Government’s strategic focus in gas development and utilization. The Ministry of Petroleum will continue to provide the Board with every necessary support to deliver on these important gas projects.
“We are convinced that these gas projects, including the ongoing AKK project would create huge opportunities for local companies in the gas value chain, as well as create thousands of jobs to reduce unemployment in Nigeria.
“As we go on with implementation of the Petroleum Industry Act, we would like to see closer collaborations among the various agencies of the Ministry of Petroleum Resources. All hands must be on deck to develop our hydrocarbon resources efficiently, enhance national revenue and optimize value adding activities in-country.”
