The 2023 Nigerian Oil and Gas Opportunity Fair showcased oil and gas opportunities valued over $50 billion, attracting international and indigenous companies, while emphasizing the need for preparedness and regulatory support to drive the sector’s growth.
Oil and gas opportunities worth over $50 billion were showcased at the recently concluded 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) held in Yenagoa, Bayelsa State. The event, which spanned two days, brought together international and indigenous companies in the oil and gas industry, drawing a total of 1,086 registered participants.
Engr. Simbi Kesiye Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), highlighted the diverse range of opportunities presented at the fair. These opportunities, spanning various segments of the industry, are set to attract substantial investments in the Nigerian oil and gas sector over the next five years. The opportunities originate from both indigenous players and major industry stakeholders such as the Nigerian National Petroleum Company (NNPC) and international oil companies.
To effectively participate in these projects and opportunities, interested service companies and industry players were urged to adequately prepare themselves. Wabote emphasized that the oil and gas industry is highly technical and places great importance on safety and quality standards. Nigerian companies were encouraged to build their capacities and ensure they have the necessary expertise and resources to actively engage in these projects.
Wabote commended the growth and competitiveness of Nigerian content in the oil and gas sector, emphasizing the shift from expatriate dominance to the prominence of indigenous firms. He expressed delight in the significant contributions of indigenous companies across the entire oil and gas value chain, from upstream to midstream and downstream operations.
In addition to addressing these challenges, Wabote called for the eradication of policy inconsistencies and the timely release of key regulations that would complement the Petroleum Industry Act (PIA). He urged regulatory bodies to provide a conducive environment for investors, fostering confidence and enabling the smooth progress of oil industry projects. Furthermore, he highlighted the need to tackle security issues, particularly crude oil theft in the Niger Delta, which has disrupted operations and forced indigenous operators to explore alternative, more costly options for crude oil evacuation.
The success of NOGOF has positioned it as a crucial platform for showcasing investment opportunities and promoting collaboration in the Nigerian oil and gas industry. The fourth edition of NOGOF was attended by industry leaders, including the Group Chief Executive Officer of NNPC, Mallam Mele Kolo Kyari, and the Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor. Chief executives from various international and indigenous operating and service oil and gas companies, as well as other industry stakeholders, were also present.
The next edition of NOGOF is scheduled for 2025, providing further prospects for industry players to explore and capitalize on the evolving opportunities in the sector. The Nigerian oil and gas industry is poised for significant growth and investment, with the showcased opportunities valued at over $50 billion. The collaborations and engagements fostered at NOGOF will contribute to the development and expansion of the sector, promoting indigenous participation and the overall advancement of the Nigerian economy.
Sourced from Nigerian Content Development & Monitoring Board
