OIL & GAS

NAPE Conference: NCDMB Seeks Industry-Wide Support For FDIs, NOGOF, Others, To Ramp Up Crude Output, Energy Security

NAPE Conference

OpenLife Nigeria reports that as the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) got underway in Lagos on Monday, the Nigerian Content Development and Monitoring Board (NCDMB) has canvassed industry-wide support for initiatives that would reverse negative trends in Nigeria’s energy sector.

The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, in a paper entitled “Resolving the Nigerian Energy Trilemma: Energy Security, Sustained Growth, and Affordability,” identified “alarming scale of pipeline vandalism and theft of crude oil” as the biggest threats to Nigeria’s energy security, noting that major oil and gas projects are required as well as a robust security strategy based on mutually beneficial collaboration with host communities.

To achieve the above objectives, the Board has undertaken to work with stakeholders in the industry to dedicate one week in every calendar year to signing Final Investment Decisions (FIDs) on new projects, as prospective investors could be motivated to act expeditiously to meet agreed-upon deadlines and regulators are similarly encouraged.

Engr. Ogbe noted that FDIs would “catalyze new projects in the Nigerian oil and gas industry,” and that fruitful collaboration amongst stakeholders and NCDMB would actualize the intentions of the Presidential Directives rolled out in March 2024 by The Presidency, and thus “fast-track the contracting cycle and incentivize investments in our sector.”

The NCDMB boss, who was represented by the General Manager, Corporate Communications and Zonal Coordination, Mr. Esueme Dan Kikile, Esq., suggested that the FDI Week be incorporated into any of the major oil, gas and energy conferences held in the country.

According to him, the Board holds a similar biennial event called Nigerian Oil and Gas Opportunity Fair (NOGOF), which is attended by all the international and indigenous operating companies to share awareness of opportunities and projects to be executed.

On the Board’s strategy to create a safe and secure operating environment for oil and gas companies and thus eliminate the huge costs associated with vandalism and attacks on personnel and installations, the Executive Secretary disclosed that NCDMB has introduced a new policy known as “Back to the Creeks Initiative.”

According to him, “We are convinced at the Board that the incessant tampering with crude oil pipelines and hostilities in oil-producing communities have a huge impact on energy security,” and that the new initiative is geared towards curtailing incidences of disruptions of oil industry operations through targeted interventions.

These include execution of corporate social responsibility projects in communities, provision of affordable finance to local contractors, upgrade of basic educational facilities in villages and communities, building the capacity of teachers and improving the infrastructure at that level.

The initiative, whose details would soon be publicized, is expected to create a stakeholder feeling in host communities and make them view industry assets around them as facilities that are bound up with their socio-economic well-being.

Such an orientation would translate into safety of assets, increased crude oil production, drastically reduced security costs and more favourable pricing of petroleum products.

 

Share This
Openlife Reporter

Recent Posts

Boost In Oil Production: NNPC’s Utapate Crude Grade Hits Global Oil Market As OML 13 Asset Eyes 80,000 bpd By End Of 2025

Boost In Oil Production OpenLife Nigeria reports that in a major boost for Nigeria’s crude…

1 day ago

Health, Insurance, Entrepreneurship Lectures To Take Centre Stage At NASRE’s End- Of-Year Supports To Journalists With Challenges

Health OpenLife Nigeria reports that the Nigerian Association of Social and Resourceful Editors (NASRE) has…

2 days ago

We Are Building A New Police Free Of Corruption But Full Of Vigor, Determination To Serve—Argungu

We Are Building A New Police OpenLife Nigeria reports that the Police Service Commission today,…

2 days ago

Helen Paul Receives Georgia Citizen Award

 Helen Paul Receives Georgia Citizen Award     Popular entertainer and educationist, Prof Helen Paul…

2 days ago

FirstBank Hosts Inaugural China-Africa Interbank Association Forum; reiterates its commitment to promoting trade, financial cooperation and Economic Development

FirstBank Hosts   OpenLife Nigeria reports that FirstBank, the premier West African financial institution and…

2 days ago

Zenith Bank Tech Fair 4.0 Holds November 21 @ Eko Hotels, Features Global IT Practitioners (How To Register & Participate)

Zenith Bank Tech Fair OpenLife Nigeria reports that the Fourth Edition of the Zenith Bank…

2 days ago

This website uses cookies.