Kunle Kalejaye 10 February 2016, Sweetcude, Lagos – Nigeria’s local content policy has received a major boost following the recent joint venture, JV, agreement between UK Subsea Engineering and Manufacturing firm, MSCM, and a Nigerian firm, Padua Petroleum Nigeria Limited, PPNL.
UK subsea engineering firm enters JV with Nigerian company
The JV agreement gave birth to MSCM-PPNL Subsea Solutions Nigeria Limited.
Managing Director of PPNL, Engr. Paul Ajisafe informed industry stakeholders at the recent Offshore West African, OWA, Conference in Lagos that the MSCM and PPNL Joint Venture was aimed at demonstrating sincere commitment to their presence in Nigeria, noting that MSCM holds 49 percent stake in the new company while PPNL holds 51 percent.
He explained that MSCM’s presence in Nigeria was a major boost in fulfilling the Nigerian Content Policy in the oil and gas industry and that operational activities would commence in six months.
The JV company, Engr. Ajisafe said, would bring about the much-needed transfer of technology and expertise in Nigeria especially in the highly-specialised subsea sector, which is the future of the Nigerian oil and gas industry.
He added that MSCM’s in-road into Africa makes Nigeria the hub of its activities and that Nigeria holds a strategic position in the energy industry.