Energy  

N600b indigenous FPSO ready by 2017

Kentebe

Kentebe

NIGERIA will realise the national aspiration of building its first indigenous Floating Production Storage and Offloading (FPSO) in 2017, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Denzil Kentebe has revealed.

Speaking at the just-concluded Practical Nigerian Content Conference held in Yenagoa, Bayelsa State, Kentebe explained that the $300 million (N597 billion) facility is presently under construction at the Lagos Deep Water and Logistics Base (LADOL).

He noted that the $300 million investment was coming after over 50 years of oil discovery in Nigeria and over 14 FPSOs had been built for the Nigerian oil and gas industry in foreign yards, adding that the FPSO yard will ensure that all future FPSO integration scopes will be carried out in Nigeria, thus employing over 100,000 Nigerians directly and indirectly.

The NCDMB also hinted that successes recorded in the implementation of Nigerian Content Act in the last five years have ensured that jobs and funds from the Nigerian oil and gas industry are no longer exported but retained in the country. He credited the change to the increased capacity to execute oil and gas jobs and services in-country and indigenous companies with capacity to deliver high-end services.

According to him, the implementation process has transformed the industry from a sector that depended on foreign inputs to one that develops and utilises local human and material resources and indigenously owned assets.

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