NCDMB announces over $50bn oil industry projects in Bayelsa

The Nigerian Content Development and Monitoring Board disclosed that opportunities worth $50 billion were showcased at the 2023 Nigerian Oil and Gas Opportunity Fair which was held at the weekend in Yenagoa, Bayelsa State

This was made known at a two-day fair that drew 1,086 registered participants.

The Executive Secretary of NCDMB, Simbi Wabote, said international and indigenous companies participated in the unveiling, adding that they would be developed within five years.

According to him, the array of opportunities covered different segments of the industry and required proper collation as they run into billions of dollars.

He said, “Some of the opportunities are from the indigenous players, some by NNPC Ltd and the international oil companies. If you put them together, in the next five years, they would exceed $50bn that would be invested in the Nigerian oil and gas industry”.

He said: “Bonga Southwest which Shell talked about is almost about $7bn to $8 billion Shell also talked about Bonga North which they might take final investment decisions (FID) early next year and is almost $3bn.”

On steps to be taken by interested service companies and other players to participate effectively in those projects and opportunities,

Wabote also urged such firms to prepare themselves adequately, restating that the oil and gas industry is highly technical and does not compromise safety and standards.

He added: “If someone gives you projects he intends to execute in the next two years; Nigerian companies having listened to the opportunities should go back and continue to build their capacities in readiness to actively participate.”

He said the oil and gas sector is not an environment where an entrepreneur can immediately step in and achieve success, thereby advising on the need to have staying power to succeed.

He demanded the immediate need to address the worrisome security challenges, including crude oil theft in the Niger Delta. He said this will enable the production of hydrocarbons at reasonable costs and profitability.

He said most indigenous operators were unable to evacuate their crude oil through pipelines for over one year and are now forced to explore alternative options at high costs.