· NCDMB promises two additional modular refineries
· NNPC woos potential investors
By Teddy Nwanunobi
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has tasked oil and gas stakeholders to ensure recovery and growth in Nigeria oil and gas industry.
Sylva, who gave the charge in his special address at the virtual opening of a two-day 3rd Edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF2021) on Tuesday, noted that the Coronavirus (COVID-19) Pandemic prevented Nigeria from building on the gains of the 2019 edition.
“The COVID-19 pandemic militated against building upon the gains of the 2019 edition, disrupting lives, businesses and jobs in every sector, especially our oil and gas sector.
“Therefore, the theme this year represents an attempt to bounce back to reckoning, while highlighting the opportunity created by the new normal.
“Consequently, permit me to use this medium to urge all the players present here, and all the key stakeholders across the oil and gas value chain to use this fair as a platform to evaluate the opportunities, discuss strategies, as well as form synergies that will ensure recovery and growth in Nigeria oil and gas industry as we continue to emerge from the vagaries of a simply navigate forward opportunities,” Sylva said.
He commended the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, and his team for their achievement through the NOGOF over the years.
“I look forward to the innovative ideas, opportunities and solutions that would come out from this event,” he added.
In his welcome address, Wabote promised two additional modular refineries from the NCDMB by the end of 2022.
“Lastly, I would like to use this opportunity to announce the Board’s commitment to what we will deliver between now and the next NOGOF event. These include: completion and commissioning of two additional modular refineries in Edo and Bayelsa states. This implies delivery of one modular refinery per year within a three-year period.
“We shall complete and commission composite LPG cylinder manufacturing plants with combined capacity of 1.2 million cylinders per annum. We shall commission three other projects dedicated to gas processing, LPG bottling, and production of base oil.
“We shall commission and commence operations from our industrial parks at Odukpani and Emeyal-1. We shall commercialise, at least, one R&D project, and last, but not least, we shall close skills gaps in under-water welding and any other core skill required in the industry,” he promised.
In his goodwill message, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, wooed potential investors to take advantages of the of the opportunities that abound in Nigeria’s oil and gas industry.
“I believe synergies could be created between the NNPC and potential investors, towards assured value creation and a guaranteed fair share of Return on Investment (RoI).
“In the upstream, opportunities abound in the area of exploration of frontier basins, the development of upstream gas fields and the financing of greenfield/brownfield additional production on de-risked assets. In gas and power infrastructure development, there are opportunities in expanding our gas pipeline networks, development of gas-based industries, as well as the Integrated Power Plants (IPPs).
“In line with our aspiration towards becoming net exporter of petroleum products, opportunities abound in the rehabilitation of our existing refineries, as well as the construction of greenfield condensate refineries. As we strive to deepen domestic gas utilisation, it has created more opportunities in the downstream sector especially in LPG and CNG plants across the country. There are also opportunities in the pipeline and storage tank construction; as well as developing shipping capacity.
“In the Ventures & Business Development, we are ready to partner investors in the development of multi-specialist hospitals to strengthen healthcare service availability and support telecommunication infrastructure availability. Finally, let me, once again, re-assure you that, at NNPC, we are ready to collaborate with investors towards turning opportunities into real value, for the benefit of all, and especially towards taking our industry to even greater heights,” Kyari said.
Valuechain reports that the ongoing NOGOF2021 is a brainchild of the NCDMB.
This year’s theme is ‘Leveraging Opportunities & Synergies for Post Pandemic Recovery of the Nigerian Oil & Gas Industry’.
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