Nigeria Urges IOCs to Embark on New Oil Projects

The Federal Government of Nigeria has urged International Oil Companies operating in the country to embark on new oil projects despite the delay of the passage of the Petroleum Industry Bill.

Nigerian Content Development and Monitoring Board (NCDMB), an agency in the Federal Ministry of Petroleum Resources, disclosed that many local fabrication and manufacturing yards have been idle since the conclusion of the Total’s Egina deepwater project in 2018.

The Executive Secretary of NCDMB, Simbi Wabote, has advised other International Oil Companies to emulate Total Exploration and Production Company in sponsoring new projects and to stop being discouraged by the deferred passage of the Petroleum Industry Bill.

According to a statement by the board, Wabote made the call when he received the Managing Director of Total E&P, Mr Mike Sangster, at the Nigerian Content Tower, headquarters of the NCDMB in Yenagoa, Bayelsa State, Niger-Delta region of Nigeria.

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He applauded Sangster for his emergence as the chairman of the Oil Producers Trade Section, and described his appointment as deserving.

Wabote said Total E&P is the only IOC that has taken Final Investment Decisions and sanctioned major oil and gas projects in recent times in Nigeria despite the delayed passage of the PIB.

While expressing confidence in the determination of the National Assembly to pass the PIB after it had been delayed for over 15 years, Wabote encouraged other IOCs to forge ahead with their new oil projects.

He hinted that new oil projects are needed to grow local content and create job opportunities for local fabrication and manufacturing yards; many of which have been idle since the conclusion of the Total’s Egina deep water project in 2018.

He also implored Total E&P to lend its full support to the ongoing Nigeria Liquefied and Natural Gas Train 7 project.

According to Wabote, the Egina project remains the benchmark of upstream project delivery, considering its outstanding performance in local content practice in the oil and gas industry.

Wabote also solicited the support of the Oil Producers Trade Section chairman towards the conclusion of the categorization of in-country oil and gas capacities and capabilities covering engineering, fabrication yards, testing facilities and training facilities.

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