$10bn investments exist in oil, gas sector yearly

Oil Rig14 September 2013, Lagos – Over $10 billion worth of investments opportunities exist for young professionals in the midstream Nigeria’s oil and gas sector, the General Manager, Public Affairs, Brass Liquefied Natural Gas, BLNG, Lawrence Cobham, has said.

Speaking during the first Oil and Gas Retreat in Lagos with the theme: ‘Opportunities for Indigenous Youth Entrepreneur in the Oil Sector,’ Cobham stressed the need for Nigerian youths to think towards benefiting from the $10 billion, which according to him, is currently being generated from the country’s oil and gas services sector.

“This industry is very high capital intensive, and any investor should be ready to take risk. There is opportunity in domestic manufacturing of Liquefied Petroleum Gas (LPG) cylinder. There is also opportunity in Compressed Natural Gas (CNG), and it is cheaper than Premium Motor Spirit and diesels.”

He said most of the cars that come into this country have capacity for use of CNG, adding that young people should begin to look for ways to make themselves relevant in the oil and gas sector.

There is a lack of skills in the oil and gas sector, he said, noting that many oil and gas professionals may reach retirement age in the next 10 years and there will be need for more professionals, regretting that there is no adequate succession plan in the oil and gas industry.

He said the NNPC has been in the forefront of promoting CNG and it is willing to partner with any investor who may be interested in investing in it.

Stakeholders at the forum agreed that there are numerous opportunities in the services sector of the oil and gas industry, which the new comers could explore.

They were of the view that Nigerian youths could explore the range of opportunities available in the country’s service industry, which they said currently generate $10 billion yearly

The General Manager, Development and Asset Management, Addax Petroleum, Chikezie Nwosu, stressed the need for more indigenous participation in the oil and gas deepwater zone, which according to him, is presently dominated by international companies.

– The Nation

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