15 December 2016, Sweetcrude, Abuja – The Nigerian Content Development and Monitoring Board (NCDMB) and Nigerian Agip Oil Company (NAOC) are collaborating to speed up the development of the Zabazaba and Etan deepwater project in compliance with the provisions of the Nigerian Content Act.
The two organisations reached the agreement recently at a review meeting on the project held at the Board’s headquarters in Yenagoa, Bayelsa State.
The Executive Secretary of NCDMB, Engr. Simbi Wabote, and Managing Director of NAOC, Massimo Insulla, struck the deal.Speaking at the meeting, the Executive Secretary assured that the Board will support the speedy execution of the Zabazaba and Etan project through timely review of contract tenders and execution of necessary approvals in view of the urgent need to increase the country’s crude oil production capacity and shore up revenue for the national economy.
He stressed that the project would utilize capacities and facilities that were developed on past project charged the promoters to exceed the Nigerian Content performance achieved on the Egina deep water project, including the partial integration and fabrication of the Floating, Production, Storage and Offloading (FPSO) platform.
On his part, Insulla pledged NAOC’s commitment to developing the project in compliance with the Nigerian Content Act, to create jobs for Nigerians and retain spend in the economy.
He underscored the support and cooperation of NCDMB since the conception of the project, noting that a speedy development would benefit all stakeholders.
According to him, the promoters of the deepwater project were keen to take the Final Investment Decision (FID) and determined to make it profitable despite the sustained low price of crude oil.
Insulla confirmed that the project would generate $8 billion for the Federal Government, adding that the company had been engaging local and international contractors in the past four months.