Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, said the planned sale of assets of Nigerian Agip Oil
Company Ltd to Oando Plc and Seplat Plc’s planned acquisition of assets of Mobil Producing Unlimited would transform Oando and Seplat from midsized players into big-time oil and gas operating companies.
He said: “We are proud that we have moved from near zero participation in the oil and gas sector to the point that our indigenous operators such as SEPLAT, AITEO, and others are now responsible for 15% of our oil production and 60% of our domestic gas supply.” With this planned acquisition, the share of local firms in crude oil production could reach 30 percent or more in a short while.”
He emphasized that the provisions of the Nigerian Content cover all entities and all activities connected to the Nigerian oil and gas industry and no firm is exempted from compliance. He explained that the Nigerian economy would not develop without encouraging local content in key industries, catalyzing local production of goods and services retaining spend in the country, and conserving foreign exchange.
He stated that the Board organized the breakfast meeting to update the media stakeholders about the Board’s programmes, build their competencies, enhance their professional effectiveness, and update them on the latest trends in their industry. He described the media as a reliable stakeholder and promised the Board’s continuous support toward an enduring symbiotic relationship.
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