The Energy Republic July Edition 2022

NOG FEATURES
Engr. Simbi Wabote, Execu ve Secretary, Nigerian Content Development and Monitoring Board (NCDMB)
remittances of the Nigerian Content
Development Fund (NCDF) between
2010 to 2017.
In line with the legal provisions in the
Nigerian oil and gas industry, Wabote
noted that priority will continue to be
given to Nigerian companies in granting
oil and gas licenses, award of oil blocks,
and contracts in the industry.
“
We will continue to
deploy the provisions of
the NOGICD Act to fortify
the oil and gas industry
against these attacks such as Sections 3,
12, and 28 of the NOGICD Act which state
that first consideration shall be given to
Nigerian operators in the award of blocks
and licenses, to Nigerian goods and
services in the evaluation of bids, and for
the employment and training of
Nigerians in any project executed in the
Nigerian oil and gas industry.
“Let me emphasize that this is the law of
the land and the default mindset for any
reputable local or international operator
or service provider is to comply”, he said.
In his presentation, the Deputy
Managing Director, Deep Water, Total
E&P Nig. Limited, Victor Bandele,
expressed TotalEnergies' commitment to
continue investing in Nigeria.
“Despite the challenging environment
that we operate in as an industry,
TotalEnergies remains committed to
investing in the country because we
strongly believe in the potential of
Nigeria and Nigerians," he said.
29
“This is why we have been quite active in
recent years even in the face of
understandable uncertainties. We completed
Egina at the end of 2018 and have been
progressing well with the development of the
Ikike project”.
Furthermore, other projects including UTM
Offshore’s recently announced FLNG, the AKK
gas pipeline due to be completed by 2023,
and Nigeria LNG Limited's Train 7 FID are all
establishing Nigeria as a credible investment
hub for gas development.
Indeed, there are huge opportunities in the
Nigerian oil and gas industry that haven't
been fully explored. But now that the PIA has
been passed coupled with the 'Decade of
Gas', the question is what other opportunities
are available in the Nigerian basins to tap
into?
In an exclusive interview with the Managing
Director & Chief Executive Officer of ND
Western, Mr. Eberechukwu Oji, who spoke
with our Correspondent recently in Lagos
highlighted some key opportunities in the
Nigerian frontier basins.
According to him,
“
There are lots of opportunities
for growth in the
E&P business. If you look
at the value chain of E&P
business, we have Seismic -
where you have to go and
see if oil is in this place.
"One of the problems we have in Nigeria
today is that we aren't exploring enough. We
Funding The Nigerian
are producing what we have already
explored. There are few companies I know
today that are shooting Seismic.
“
If we want to grow in
the industry, we have to
be shooting Seismic. There
are huge opportunities
there.
“If anybody is thinking of where to invest in
the Nigerian oil and gas industry, Seismic is an
a re a w h e re t h e re a re i nvest m e nt
opportunities.
"Another opportunity is field development.
We have the big marginal field bid rounds that
were done last year. So many companies now
have access to these acreages. They need to
be developed and bring the fields to
production. There is drilling, field
development, and sub-surface study that
needs to be done for all these companies.
"There are very huge opportunities in the
marginal field space. We also expect that very
soon the country should be going out for
another round of bidding for OMLs on bigger
acreages. That's also an opportunity area.
"In terms of existing infrastructure, there is a
huge opportunity such as asset integrity.
Most plants are inherited from the
International Oil Companies (IOCs) in the 70s
and most of these plants need an upgrade.
"This is a big opportunity area for companies
that can execute and finance the work.
"There are opportunities in the areas of
trading, bringing liquidity into the market.
Mix For Sustainable Economic Growth
THE ENERGY REPUBLIC I SPECIAL EDITION