Over $50bn oil industry projects unveiled in Bayelsa 

  • Post category:Business

The 2023 Nigerian Oil and Gas Opportunity Fair, held in Yenagoa, Bayelsa State, showcased various opportunities amounting to $50 billion, as revealed by the Nigerian Content Development and Monitoring Board (NCDMB). The fair, which lasted for two days, saw the participation of 1,086 registered participants, including international and indigenous companies.

According to Simbi Wabote, the Executive Secretary of NCDMB, the showcased opportunities cover different segments of the industry and are set to be developed within the next five years. The opportunities are presented by indigenous players, NNPC Ltd, and international oil companies, with the combined investments estimated to exceed $50 billion in Nigeria’s oil and gas sector.

Some of the significant opportunities mentioned during the fair include the Bonga Southwest project, which Shell values at approximately $7 billion to $8 billion, and the Bonga North project, for which Shell may make a final investment decision (FID) early next year, with an estimated value of almost $3 billion.

Wabote advised interested service companies and other players to adequately prepare themselves to participate effectively in these projects, emphasizing that the oil and gas industry is highly technical and prioritizes safety and standards. He emphasized that building capacities and having staying power are essential for success in the sector.

Addressing security challenges, particularly crude oil theft in the Niger Delta, is crucial to enable hydrocarbon production at reasonable costs and profitability. Many indigenous operators have faced difficulties evacuating their crude oil through pipelines for over a year and have resorted to expensive alternative options.

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