Nigeria’s leading indigenous oil & gas company, Petrolex Oil & Gas has expressed its commitment to Local Content development in Nigeria. This was revealed during its participation at the Nigerian Content Development & Monitoring Board’s annual flagship conference in Yenagoa, Bayelsa.
The Practical Nigerian Content (PNC) forum, organized by the NCDMB and CWC Events Africa is attended by almost 600 industry players and provides a platform to debate, propose and provide feedback on the practical application of the Local Content Act.
During the 2018 edition of the event, indigenous companies took the lead in showcasing the many impressive innovative solutions that is not only leading in Nigeria but also in Africa’s oil & gas sector. Petrolex Oil & Gas, the Platinum Sponsor of the forum expressed its commitment to the development and growth of indigenous solutions in the Nigerian oil and gas sector.
Speaking on the sideline, the Executive Director of Petrolex, Kayode Adelaja, said, “We are excited about the opportunities the Nigerian Content Act has provided Nigerian companies. It has not only spurred job creation but also prepared the ground for Nigerians to take advantage of opportunities in the energy sector now and in the nearest future both in Nigeria and Africa.
At Petrolex, we have identified gaps in the industry and developed innovative solutions to plug these gaps one of them is the 30,000 acre Mega oil city including a 300 million liter tank farm in Ibefun. We also have an ongoing development of a 250,000 bpd modular refinery.
The project will create over 10,000 jobs and empower us to further solve some of the problems we are facing in the sector but we know we can’t do it alone. We believe our commitment to events like this creates the impetus for collective development in our industry. Our capacity building efforts for indigenous companies will also become beneficial to all within and outside the industry.”
Speaking to journalists at the event, the Vice President for CWC Events Africa, Wemimo Oyelana said “The PNC forum has moved from educating the industry about the Nigerian Oil and Gas Industry Content Development (NOGICD) Act to exploring opportunities available and now we are working towards deepening implementation and showing how the law gives a competitive edge to indigenous companies.
In this edition, we have been able to highlight the capacity indigenous companies have built over the years and showcased the other successes such as in-country capital retention. We are now looking at how we can consolidate the opportunities they have gained and perhaps extend to other industries of the Nigerian economy.”
With indigenous companies like Petrolex committing to and successfully developing in-country capacity to an international standard, Nigeria has become widely regarded as a model in Local Content implementation in Africa and beyond. The Nigerian economy is said to have suffered capital flight of about $380billion dollars in the first 50 years of oil production and lost opportunities to create over two million jobs.
Riding on its success over the last 8 years the NCDMB has set new targets for itself and the industry with a 10-year Strategic Roadmap with which is expected to retain at least $14bn out of the $20 billion annual industry spend and create 300,000 direct and indirect jobs.