The Nigerian Oil and Gas Opportunity Fair (NOGOF) concluded on Friday in Yenagoa, Bayelsa State, with the Nigerian Content Development and Monitoring Board (NCDMB) announcing that the event unveiled opportunities valued at $50 billion.
The NCDMB stated that both international and indigenous companies showcased oil and gas projects that are expected to be developed within the next five years.
During the two-day fair’s conclusion, Engr. Simbi Kesiye Wabote, the Executive Secretary of the NCDMB, emphasized that the vast array of opportunities span various industry segments and require careful consolidation due to their billion-dollar scale.
Wabote said, “Some of the opportunities are presented by indigenous players, some by NNPC Ltd, and the international oil companies. When combined, these opportunities will exceed $50 billion in investments in the Nigerian oil and gas industry over the next five years.”
Highlighting a few examples, Wabote mentioned the Bonga Southwest project, which Shell estimates to be worth approximately $7 billion to $8 billion, as well as the upcoming Bonga North project, which may reach a final investment decision (FID) early next year and holds a value of nearly $3 billion.
Regarding the participation of interested service companies and other stakeholders in these projects, Wabote urged them to adequately prepare themselves, emphasizing that the oil and gas industry prioritizes technical expertise, safety, and adherence to standards.
He added, “After listening to the opportunities, Nigerian companies should go back and continue building their capacities to actively participate when someone offers projects to be executed in the next two years.”
Wabote also stressed that the oil and gas sector is not one where entrepreneurs can achieve immediate success, stating, “You must have staying power to succeed.”
Assuring registered participants, Wabote promised that the NCDMB will compile a compendium of the opportunities unveiled at the fair and make it available.
He emphasized the Board’s commitment to monitoring the development of opportunities showcased at each edition of NOGOF.
Providing updates on projects from previous editions, Wabote noted that most have been successfully realized, while some have faced challenges such as security concerns, FID issues, bankability, and regulatory requirements and approvals.
However, the projects that have overcome these obstacles are now in operation and contributing to production.
Wabote emphasized the need for policy consistency and urged other regulatory bodies in the industry to finalize and release key regulations that will serve as subsidiary legislations of the Petroleum Industry Act (PIA), thereby instilling confidence in investors.
He also called on relevant agencies to address the security challenges, particularly crude oil theft in the Niger Delta, which has impeded hydrocarbon production and led to increased costs for indigenous operators seeking alternative evacuation options.
Furthermore, Wabote expressed satisfaction with the growth of Nigerian content, highlighting the shift from expatriate dominance in the past to the current high competitiveness and dominance of indigenous firms in the service sub-sector, including upstream, midstream, and downstream operations.
The fourth edition of the fair witnessed the presence of industry leaders such as Mallam Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mr. Osagie Okunbor, Chairman of Shell Companies in Nigeria, and chief executives from various international and indigenous operating and service oil and gas companies, alongside other stakeholders.
