By Obas Esiedesa, Abuja
The Nigerian Content Development and Monitoring Board, NCDMB, has said that it is targeting fresh local investments into the Nigerian oil and gas sector during the 2025 Nigerian Oil and Gas Opportunity Fair, NOGOF, in Yenagoa, Bayelsa State.
Executive Secretary, NCDMB, Engr. Felix Ogbe told journalists in Abuja that local content in the petroleum industry currently stands at 56 percent.
Ogbe explained that at the 2023 NOGOF, over 100 investment opportunities were presented by companies, adding that some of the projects showcased at the event were the Ubeta and Bonga North where have been executed.
He explained that “NOGOF provides opportunities for companies in the upstream, midstream and downstream sectors to showcase their upcoming projects. The aim is to achieve our national aspirations of increasing gas and crude oil production, boost revenue, and meet domestic crude oil and gas supply obligations.
“This enables service companies, manufacturers, oil and gas trainers, and job seekers to invest in facilities and capabilities that will domicile most of the activities in the country”.
NOGOF 2025 has the theme: “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development.”
Speaking at the event, the Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Wole Ogunsanya praised the role NCDMB has played in growing the oil and gas value chain in the country.
Ogunsanya noted that local content in the sector is set to grow even more with the recent acquisition of oil and gas assets by Nigerian companies from International Oil Companies, IOCs.
“What it means is that in the ExxonMobil deal, the 40% of the oil that used to go to ExxonMobil and they take it outside Nigeria, will now reside in Nigeria. For the SPDC deal, the 45% of it, the profit of it, will now be with Renaissance, which is an indigenous company. That is what local content is all about”, he stressed.
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