*NEPL targets 60 additional oil wells by 2024Oil and gas investment opportunities valued over $50 billion and projected to be developed within five years were showcased by international and indigenous companies at the 2023 Nigerian Oil and Gas Opportunity Fair organised by the Nigerian Content Development and Monitoring Board in Yenagoa, Bayelsa State, that ended last Friday.
Listing a few of the opportunities and their values, he said: “Bonga Southwest which Shell talked about is almost about $7bn to $8bn. Shell also talked about Bonga North which they might take final investment decisions early next year and is almost $3bn.” The NCDMB helmsman promised that the Board would collate the investment opportunities into a compendium and make them available to registered participants.
He equally challenged relevant agencies to address the worrisome security challenges, particularly the wanton crude oil theft in the Niger Delta. This, according to him, would enable the production of hydrocarbons at reasonable costs and profitability. The 4th edition of the fair was attended by leaders of the oil and gas industry, including the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd , Mallam Mele Kolo Kyari, Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor, chief executives of several international and indigenous operating and service oil and gas companies and other stakeholders.
However, THISDAY recalls that since the enactment of the Local Content Act in 2010, Nigeria has made steady progress from 5 per cent to about 54 per cent in recent times, in terms of in-country expertise and is set to hit 70 per cent in 2027. “The time has come for Nigeria’s stakeholders and the oil industry to begin to take ownership to domesticate every aspect of the industry, technology and the requisite knowledge base. Our indigenous companies should begin to invest in acquisition, technology processing and research in all aspects of petroleum,” he stated.
“Lastly, as the world transitions to electric motor vehicles, we should also be able to plan for the alternative use of oil in a way that will not disrupt our economy and when the day eventually arrives, we should be able to have an alternative,” he noted. According to the president, by 2021, the country would have converted 1 million cars to cushion the impact of petroleum subsidy removal, which the government said, has gulped trillions of naira.
“A limited liability cannot speak on behalf of the government. So, I believe that if you want to get good clarification on some of these challenges, the appropriate channel would be the ministry of petroleum resources,” he said.
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