Oil and gas opportunities valued over $50bn and projected to be developed within five years were showcased by international and indigenous companies at the 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) which ended on Friday at the conference hall of the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State.
Speaking at the conclusion of the two-day fair which drew 1,086 registered participants, the Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote stated that the quantum of opportunities covered different segments of the industry and required proper collation as they run into billions of dollars.
He stated, “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 5 years, they would exceed $50bn that would be invested in the Nigerian oil and gas industry”.
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 (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 charged 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 also counseled that the oil and gas sector is not an environment where an entrepreneur can immediately step in and achieve success.
“You must have staying power to succeed,” he said.
The NCDMB helmsman promised that the Board will collate the opportunities into a compendium and make them available to registered participants.
He confirmed that the Board tracks the development of the opportunities showcased at every edition of NOGOF.
Providing an update of projects shared at previous editions, he hinted that “most of them have come to fruition, others are challenged by security concerns, Final Investment Decisions (FID) challenge.”