Kachikwu, Wabote, Tinubu calls for increase investments in local content

The Minister of State for Petroleum, Dr. Ibe Kachikwu; the Executive Secretary of the Nigerian Content Developing and Managing Board, NCDMB, Engr Simbi Wabote and Oando Plc’s Group Chief Executive, Wale Tinubu, have stressed the need for increased investments in Nigeria’s oil and gas sector.

They all spoke at the recently concluded 25th edition of the Africa Oil Week (AOW) that took place in South Africa.

They spoke extensively on Nigeria’s local content development approach and its overall contribution towards the African oil and gas industry.

Oando, one of Nigeria’s leading oil and gas company led several discussions during the course of the week.

In addition to being a platinum sponsor, delegates from the company provided the Nigerian business perspective on various panels.

Speaking on an economic outlook panel titled: “Can Africa’s upstream play a significant role in the context of the global and regional energy landscape,” Tinubu was quoted to have said: “We have been substantially supported by the Government’s local content policies which have effectively enabled indigenous players step in and play a significant role in the sector.

“In Nigeria today, out of the two million barrels of oil being produced, 400,000 can be attributed to indigenous production.”

Over 1,900 guests including CEOs, government officials, key business decision makers and oil and gas executives from over 70 countries were in attendance to discuss ‘The Leading Business Intelligence and Transaction Platform for Africa’s Oil and Gas Sector,’ at the conference.

It provided a platform for sector participants, to share their strategies for growth, better government participation in the sector and engage in high level discussions on the future of the continent’s oil and gas industry, focusing on current challenges and trends and proffering solutions that would provide a positive and lasting impact for all.

Alongside Tinubu on the panel were Jens Frølich Holte, State Secretary, Ministry of Foreign Affairs, Norway; David Hicks, Senior Vice President: Upstream, IHS Markit; Jasper Peijs, Exploration Vice President, BP; Mounir Bouaziz, VP Commercial/New Business Development South America & Africa, Country Chair Dubai & Northern Emirates, Shell and Paul McDade, CEO, Tullow Oil.

The statement explained that Oando’s participation at the conference further reinforced the company’s position as the preferred indigenous oil and gas company in the country.

“The company has truly carved a niche for itself as an independent indigenous oil and gas company flying the Nigerian flag at global events that shape the future of the sector and the world in general.

“Events such as the World Economic Forum (WEF) in Davos, CERA in Houston, Oil Council, Africa Assembly, Africa CEO Forum, OPEC International Seminar, to name but a few.

“At these events, Oando has engaged in open and transparent dialogue with a broad range of stakeholders to analyse and proffer solutions to global issues,” the statement added.

Local content development was a major sub-theme at AOW and public and private sector officials discussed its impact on the African Oil and Gas landscape.

Speaking at the event, Wabote said: “Any company coming into a country to undertake business must have a positive reputation.

“This reputation is built on your commitment to deliver on your promise and ensure you are there for the survival of the nation as a whole. Local content is not CSR.

“For me it is an existential imperative for any country in terms of allowing its citizens participate in the oil and gas sector in particular.”

Kachikwu also spoke on the oil sector’s impact on the Nigerian economy.

He said: “The oil sector has been a catalyst for growth in the Nigerian economy. It has also driven technology. Privately owned companies in Nigeria have gotten to a point where they can go to other African countries as investors and service providers.”

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