NCDMB targets $100b business opportunities for job creation

The Nigerian Content Development and Monitoring Board (NCDMB) is targeting creation of massive jobs through 80 business opportunities worth $100 billion in the oil and gas sector.  

Speaking recently at the just-concluded 2nd edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) organised by the NCDMB in Yenagoa, Bayelsa State, the Executive Secretary of the Board, Simbi Wabote explained that the over 80 oil and gas opportunities that would be developed by major international and indigenous operating companies in the short and long term, with the estimated cumulative value of the projects exceeding $100 billion.

The projects are contained in the Compendium of Nigerian Content Opportunities in the Oil and Gas Industry launched at the event.The projects and opportunities cover the upstream, midstream and downstream sectors of the Nigerian oil and gas sectors and were collated from presentations by various oil and gas companies at the first edition of NOGOF in 2017 and updated at workshops organised by the Board in October 2018.

Wabote explained that the compendium was intended to create a database of Nigerian Content opportunities and help indigenous and potential investors prepare, improve their capacities and capabilities to participate in available and upcoming contracts and projects.He added that the compendium gives the industry a five-year outlook and enables stakeholders to key into those opportunities. 

He explained: “Two years ago when we held this workshop we talked about ExxonMobil’s Ibot, Total’s Ikike and NLNG Train 7. Today they are going through the funnel and within the next few weeks they would take Final Investment Decisions (FIDs) on Ikike and Ibot and before the end of the year they would take FID on Train 7. We focus and follow through on those opportunities. Every two years we roll on new opportunities and add to the compendium.”

On his part, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu noted that the speedy development of the identified $100bn opportunities would require the roles and contributions of various entities, including the Department of Petroleum Resources (DPR) for approvals, Nigerian National Petroleum Corporation (NNPC) for negotiations and the oil companies, who would take FIDs, among others. He promised that the Ministry of Petroleum Resources would midwife a special arrangement that would involve every agency of government and entity that has a role to play in the approval and development of the identified projects. 

“We must avoid a situation whereby NCDMB might work very fast and gets to the goal post and others are just taking off. We would create an arrangement that involves everybody and be clear about the deliverables, timelines and opportunities and bring out something which everyone can then drive,” he added.

On government’s support for modular refineries as a strategy to end crude oil theft, vandalism and environmental degradation, Kachikwu hinted that the Ministry of Petroleum would develop a policy that would encourage persons living in oil producing communities to form cooperatives, with which they can set up and own modular refineries.

He said: “We would have some agreements with them to stop the sabotage. We can work with NCDMB to put in a bit of funding. Then we put in technical know-how, business structure around it and have a major shareholder who is an entrepreneur. That way the locals get to participate, get jobs, polish their skills sets, crude is paid for and not stolen and the environment is better dealt with.”

The Minister commended the Executive Secretary of NCDMB for his numerous achievements, particularly the construction of the Board’s 17-storey headquarters building.

He said: ”The building is not just important to NCDMB but also for Bayelsa State, because it had cried out for long that federal presence was not here. This is a big federal presence. By the time they finish the power supply they are doing with AGIP, you will have a near 100 percent supply of power to most of the Board’s facilities.”