Oscarline Onwuemenyi 21 December 2016, Sweetcrude, Abuja – The Nigerian Agip Oil Company, NAOC, will develop the Zabazaba and Etan deepwater project in compliance with the Nigerian Content Act and to create jobs for Nigerians and retain spend in the economy.
Managing Director of NAOC, Massimo Insulla, stated this during a review meeting on the project with the Nigerian Content Development and Monitoring Board, NCDMB.
He underscored the support and cooperation of NCDMB since the conception of the project and added that a speedy development of the project 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.
The review meeting between NCDMB and NAOC is part of collaboration between them to speed up the development of the project.
The two organisations reached an agreement to that effect at the review meeting, which held at the Board’s headquarters in Yenagoa, Bayelsa State.
Speaking at the meeting, the Executive Secretary, NCDMB, Mr. Simbi Wabote, assured that the Board will support the speedy execution of the 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 utilise capacities and facilities that were developed on past project and 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.