Port Harcourt — International oil companies operating in the country have identified four key issues that must be addressed, in order for the country’s oil industry to compete globally.
The multinationals made the call at the 9th Practical Nigerian Content Conference and Exhibition hosted by the Nigerian Content Development and Monitoring Board, NCDMB, recently in Yenagoa, emphasising on the need for all stakeholders in the industry to work collaboratively.
Speaking during a panel session on “Exploring the Private Sector’s Role in Creating an Enabling Environment to Spur Industry Activities”, the Country Chairman, Shell Companies in Nigeria, and Managing Director of SPDC, Mr. Osagie Okunbor, specifically mentioned sanctity of contracts, its credibility, its security, its contracting cycles, as key issues that must be addressed by the government.
Okunbor further tasked government to invest in the creation of a stable and enabling business environment for the country to derive optimum value from investments in the oil and gas industry.
“What we need to find a way to get right is how we can work collaboratively between the industry and the multinationals.
“The kind of mega dollars we need as an industry to keep the pipeline full of projects, frankly and in the immediate term will come from the IOCs.
“And to be able to do that, you’ve heard the key things being talked about here this year, we talked about it last year and the year before last, unfortunately we keep talking about the same thing yearly.
“The sanctity of contracts, its credibility, its security, its contracting cycles; we just need to find a way as a country to fix these things, because the world is not waiting for us and if we can do that, I’m pretty sure, we have a world class resources and a world class human capacity, the sky is the limit for us, if we can fix these things.
“Nigeria has considerable proven resources in oil and gas. Nigerians have always been considered some of the best experts in the oil and gas industry everywhere in the world. The bit we need to get right is to create a stable and enabling business environment,” Okunbor said.