Abuja — Indigenous oil and gas engineering firm, Nestoil Limited, has disclosed that it has constructed and commissioned over 300 kilometres of the pipeline since it was incorporated in the year 1991.
President and Chief Executive Officer of Nestoil Limited, Dr. Ernest Azudialu-Obiejesi, speaking at the ongoing Nigeria Oil and Gas Conference, NOG in Abuja, said the company has been a significant contributor to local content in the industry since inception.
Azudialu-Obiejesi, also said the firm was Nigeria’s largest indigenous engineering, procurement, construction, and commissioning company, leading in fabrication and dredging, pipeline construction, civil works, horizontal drilling, exploration and production, and power.
“At Nestoil we do engineering, procurement, construction and commissioning of an oil pipeline, gas pipeline and all infrastructure you need to produce oil and gas.
“In our few years of existent, we have constructed over 300kilometres of oil and gas pipeline and several flow stations, especially in the harshest terrain.
“With about 2000 direct employees, Nestoil continues to redefine industry standards in pipeline construction, repairs, and maintenance with associated facilities for dredging, river crossing, and shoreline protection.”
Azudialu-Obiejesi, represented by the Group Chief Operating Officer, Nestroil, Dr. Chukwueloka Umeh, regretted that Nigeria produces gas, yet lacks a reliable electricity supply.
“Nigeria produces gas, and gas is used in producing electricity, yet we don’t have electricity. Gas is the major ingredient in the production of fertilizers, yet we are still importing fertilizer. There is no reason for us not to produce everything in Nigeria.
“So we must look inwards on gas. We have to change the approach and regulations in the oil and gas sector. We have to get innovative just like we did in the telecommunications sector and today that sector is the most viable and lucrative.”
Also, the Group Chief Executive of Oando Plc, Wale Tinubu, speaking on the milestone of the company said, the company has achieved 78 percent reduction in its debt between 2019 and the first quarter of 2019.
Tinubu described Oando as Africa’s leading indigenous energy company operating in the upstream, midstream and downstream, with a primary listing on the Nigerian Stock Exchange and a cross border inward listing on the Johannesburg Stock Exchange.
He said Nigeria was extremely difficult terrain to operate between 2012 to 2014 while disclosing that the company was currently operating six producing assets.
These assets, according to him, are OML60 at 20percent stakes with Eni, OML61 at 20percent with Eni, OML62 at 20percent, OML63 at 20percent, OML56 at 42.75percent stake with Energia, and OML13 with 40percent with Network ESP.
“In 2014, we concluded the acquisition of ConocoPhillips’ Nigerian business through its upstream subsidiary, Oando Energy Resources, making it the country’s largest indigenous oil and gas producer.
“In July 2016, Oando entered into a tripartite agreement with the Vitol Group, the world’s largest independent trader of energy commodities and Helios Investment partner, a premier Africa-focused private firm to form OVH (formerly Oando Downstream) the nations leading supply and distributor of refined petroleum products.”