The Nigeria Content Development and Monitoring Board (NCDMB) has urged indigenous companies to position themselves to take advantage of new projects valued at about US$100 billion in the oil sector.
Mr Simbi Wabote, Executive Secretary of the NCDMB said that the rebound of the oil prices as well as policies of the agency was responsible for the inflow of investments to the oil and gas sector adding that the projection was for the next three years.
Wabote who spoke at the panel session of the ongoing Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa, Bayelsa, noted that although the Nigerian Content had risen to 30 per cent, the board was poised to achieving 70 per cent in the next nine years.
He said that the NCDMB had made it compulsory for oil firms to give priority to indigenous firms to boost the participation of Nigerians and reduce the dominance of foreigners in the Nigerian energy sector.
He said that NOGOF, was conceived by the board to showcase available opportunities in the oil and gas sector for Nigerian companies and investors to take advantage of.
Wabote said that the inaugural edition of the fair took place in Uyo, Akwa Ibom, in 2017 adding that the second edition in 2019 commenced on Thursday at the Yenagoa Headquarters of the NCDMB.
The representatives of International Oil Companies operating in Nigeria took turns to showcase their project opportunities in the next three years and their commitment to the Nigerian Content.
Mr Osagie Okubo, Chairman of Shell Companies in Nigeria, in his presentation noted that Shell would invest at least $15 bn in 24 projects across the offshore and onshore portfolios held by the oil firm.
He said the funds would be deployed to ensure gas supply for trains 1 to 6 of the Nigerian Liquified Natural Gas and train-7 when it comes on stream. He applauded the federal government for clearing the outstanding cash call obligations and reviewing the funding model in the oil and gas sector, adding that the development had given a new lease of life to the industry.