Gift Ekwueme &
Oritshebubemi Omatseyin
Lagos — The Nigerian Content Development and Monitoring Board, NCDMB, has announced that refining capacities of more than 1.4 million barrels of oil per day is expected within the next 5 years.
The Executive Secretary, NCDMB, Engr Simbi Wabote, disclosed this in Lagos, at the maiden NCDMB Nigerian Content Midstream/Downstream Oil & Gas Summit, with the theme, “Towards Maximizing Potentials in the Midstream and Downstream Oil & Gas Sector – A Local Content Perspective’’.
“About 400,000bpd is expected from the rehabilitation of NNPC refineries in Port Harcourt, Warri, and Kaduna using target performance of not less than ninety percent of nameplate capacity.
“The Greenfield element of the roadmap covers the mechanically complete 650,000bpd Dangote Refinery in Lagos and the 200,000bpd BUA Refinery in Akwa Ibom state.
He disclosed that the NCDMB has partnered with major operators in the industry such as, NNPC, Waltersmith, Azikel, and Atlantic Refinery amongst other stakehoders to help grow domestic refining capacity.
Wabote also said that Nigerian content is targeted to achieve 70% in the Nigerian oil and gas industry by the year 2027.
“Based on our 10-year strategic roadmap to achieve 70% Nigerian Content target in the Nigerian oil and gas industry by the year 2027, the midstream and downstream sectors of the industry represent key areas to derive and extract value to meet our set target.
According to Wabote, there is opportunity to maximize potentials in the midstream and downstream sectors of the oil and gas industry especially in the area of employment, entry barriers for businesses, profit margin especially in the LPG value chain, energy security and social impact.
“It is important to highlight that this development goal goes beyond the oil and gas but has linkage to other sectors of the economy covering construction, ICT, agriculture, Research and Development, Education, and others.
“NCDMB is serving as a catalyst to enhance realization of the Refining Roadmap.
He also emphasized the importance of completion of projects undertaken by the Board and partners. “there is no doubt that these giant strides in the midstream and downstream sectors of the oil and gas industry are indeed the envy of many African countries. It is however important that we finish off the projects under development so that the associated values and opportunities could be realized.
”The need to share investment and skills across the borders within African, indigenous Research and Development, Funding structure for hydrocarbon projects, and others were key factors identified as focus areas to ensure our readiness to take our destiny in our hands. I am delighted that APPO has signed an MOU with AFREXIM Bank to set the ball rolling in addressing the funding challenge.
In his keynote address, Minister of State for Petroleum, Timipre Slyva note that the theme of the summit ‘Is very apt as our industry is at that phase where we are exploring the opportunities and potentials associated with the Midstream and Downstream sectors’.
The Minister charged stakeholders to have productive dialogue that would broaden their knowledge of the Nigerian Content opportunities associated with the midstream and downstream sectors.
“We must find ways to unlock the natural gas and domestic production potentials of Nigeria and drag millions of our people out of energy poverty.”
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