Nigerian Oil and Gas Opportunity Fair (NOGOF) 2019 offered a wide range of opportunities for indigenous companies to operate in the Nigerian oil and gas sector and attract much-needed investment
The second edition of the NOGOF “Maximising Investments in the Nigerian Oil and Gas for the Benefit of the Nigerian People,” was held at the new Nigerian Content Development and Monitoring Board (NCDMB) headquarters at Oxbow Lake, Yenogoa, Bayelsa, Nigeria, from 4-5 April.
The two-day conference started with a welcome barbecue, 13 opportunity presentations, seven panel sessions, 98 exhibiting companies and an awards ceremony to honour companies which are succeeding with local content strategies.
The conference was visited by Seriake Dickson, governor of Bayelsa state, who commended the efforts of the host, NCDMB, in driving local content in the Nigerian oil and gas industry. In his keynote address, minister of state for petroleum, Ibe Kachikwu, advised participants to urgently refocus efforts on innovative solutions to deliver investment opportunities.
He encouraged indigenous oil companies to take over IOC operations. Kachikwu said the changes in the global oil and gas industry are challenging exploration and investment strategies. He commended the executive secretary of NCDMB for its achievements, especially the construction of the new headquarters.
Simbi Wabote, executive secretary of NCDMB, told delegates that the board had identified more than 80 oil and gas opportunities that would be developed by major international and indigenous operating companies, with the estimated cumulative value of projects exceeding US$100bn.
Wabote launched the Compendium of Nigerian Content Opportunities for the oil and gas industry – the compendium contains projects and opportunities that cover the upstream, midstream and downstream sectors of the Nigerian oil and gas sectors.
It has been created to provide a database of Nigerian content opportunities to help indigenous and potential investors prepare, improve their capacities to participate in available and upcoming projects. He added that the compendium gives the industry a five-year outlook and will enable stakeholders to access opportunities. Many speakers pointed out that infrastructure development is a vital element of the oil and gas industry and it affects the extent to which the value chain in the sector can be properly harnessed.
NOGOF 2019 showcased a plethora of opportunities for indigenous companies to operate in the oil and gas industry along the entire value chain, such as logistics, repair and maintenance, engineering, spare parts, servicing, and operations at oil service stations. The fair highlighted that local content can be developed by auditing the capacity of fabrication yards in Nigeria and, in turn, such content can be utilised through collaborative action of government and stakeholders, with action as well as decisive control of the upstream, downstream and midstream sectors.
This commitment is required by all players to harness the potential of the value chain within the sector. NOGOF 2019 attracted more than 1,500 participants; delegates, exhibitors, speakers, and media. It was hosted by NCDMB and organised by Jake Riley.
Sponsors include NNPC, Samsung Heavy Industries Nigeria, Dangote Group, Marine Platforms Limited, Aiteo Eastern Exploration & Production Company Limited, Shell Petroleum Development Company, Nigeria Agip Oil Company, OES/ODENL SEnergy, UBA Group and Exxon Mobil.
