The 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) concluded on Friday after presenting a range of oil and gas opportunities valued at over $50 billion.
The event, held at the conference hall of the Nigerian Content Development and Monitoring Board (NCDMB), attracted both international and indigenous companies eager to explore and invest in the Nigerian oil and gas industry.
Engr. Simbi Kesiye Wabote, the Executive Secretary of NCDMB, highlighted the significance of the showcased opportunities during the two-day fair.
He emphasized the need for proper collation, as the opportunities spanned various segments of the industry and amounted to billions of dollars in potential investments.
Wabote stated, “If you put them together, in the next 5 years, they would exceed $50bn that would be invested in the Nigerian oil and gas industry.”
Among the opportunities presented, Wabote mentioned the Bonga Southwest project by Shell, estimated at approximately $7 billion to $8 billion.
He also revealed that Shell discussed the Bonga North project, which might reach its final investment decision (FID) early next year and is valued at around $3 billion.
To effectively participate in these projects and opportunities, Wabote urged interested service companies and other players to adequately prepare themselves.
He stressed the technical nature of the oil and gas industry, emphasizing the importance of safety and adherence to standards.
Wabote advised Nigerian companies to build their capacities and be ready to actively participate in the industry.
He remarked, “If someone gives you projects he intends to execute in the next two years; Nigerian companies having listened to the opportunities should go back and continue to build their capacities in readiness to actively participate.”
Recognizing the challenges of the oil and gas sector, Wabote cautioned that immediate success is not guaranteed for entrepreneurs entering the industry.
He highlighted the importance of having staying power and perseverance to achieve success.
The NCDMB, committed to supporting the development of the industry, will compile the showcased opportunities into a compendium for registered participants. Wabote assured that the Board actively tracks the progress of projects shared at NOGOF editions.
He acknowledged the successful completion of previous projects, such as the Ikike project, which is currently producing approximately 50,000 barrels per day, and the Nigeria LNG Train 7, set for completion in 2026.
Wabote also praised the success of the upstream opportunities feeding into Train 7, including the HI, HA, and Obeta projects.
Wabote called for the eradication of policy inconsistencies to facilitate the rapid development of oil industry projects.
He urged other regulatory bodies in the industry to finalize the formulation and release of key regulations that would complement the Petroleum Industry Act (PIA).
These regulations would provide investors with the necessary confidence to move forward. Additionally, Wabote urged relevant agencies to address security challenges, particularly the rampant crude oil theft in the Niger Delta.
Enhancing security measures would ensure the production of hydrocarbons at reasonable costs and improved profitability.
The NCDMB boss expressed his satisfaction with the growth of Nigerian content in the industry. He recalled a time when expatriates dominated major operations and events while Nigerians played secondary roles.
Wabote applauded the rise of indigenous firms, emphasizing their competitiveness and dominance in the service sub-sector, including upstream, midstream, and downstream operations.
The 4th edition of NOGOF witnessed the presence of industry leaders, including the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mallam Mele Kolo Kyari, and the Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor. Chief executives from various international and indigenous operating and service oil and gas companies, along with other stakeholders, also attended the event.
The fair comprised opportunities and technical sessions where representatives of operating and service companies and regulatory agencies presented their plans and projects.
The next edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) is scheduled for 2025, offering another platform to showcase and explore opportunities in the Nigerian oil and gas industry.
