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Local content in oil and gas industry has grown tremendously – Shell MD

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The Managing Director, Shell Petroleum Development Company (SPDC), Mr Osagie Okunbor, on Tuesday said that local content in the Nigerian oil and gas sector has grown tremendously in the past decade.

The News Agency of Nigeria (NAN) reports that Okunbor made the assessment while giving an oil and gas industry message at the ongoing 10th Practical Nigerian Content Conference and exhibition in Yenagoa.

In the overview, Okunbor recalled that in 2020, the oil and gas industry celebrated with the Nigerian Content Development Monitoring Board (NCDMB), the 10th anniversary of its establishment and the enactment of the NOGICD Act.

He observed that the successes of the Act in just 11 years was exceptionally commendable.

According to him, many strides have been made in developing domestic capacity in the country and there are so many success stories to that effect.

He listed the leaps recorded to include the Egina Project executed by Total Energies, which was attested to by the NCDMB to have realised over per cent in Nigerian content.

He noted that the project set new industry benchmarks for a project of its size and magnitude.

“Egina enabled the domiciliation of new capacities and facilities in-country one of which is the FPSO integration facility located at the LADOL Free Zone.

“This feat by Total Energies added to the pool of jobs in-country and enabled capital retention.

“Also SPDC Limited in 2016 spent more than N2 billion in the construction, upgrade and provision of equipment for the Nigerian Institute of Welding in a bid to enhance welding technology in-country.

“With this investment, the institute is now able to perform destructive and non-destructive testing of materials.

“Another laudable project was the establishment of three world-class pipe-mills in-country for the manufacturing of Helical Submerged Arc Welded line pipes. This was a first in Nigeria.

“ExxonMobil Upstream and its affiliates have, since 2006, supported the training of unemployed Nigerian engineers, through its engineering capability development programme.

“This programme has enabled the acquisition of project-based engineering skills, allowing young graduates to acquire relevant training suitable for gainful employment,” he said.

Okunbor further noted that Agip Joint Venture is working with the NCDMB to provide a 15 megawatts power station for electricity to the Nigerian Oil and Gas Park Scheme in Ogbia Local Government Area in Bayelsa

Okunbor listed Chevron’s human capacity development programme which is focused on dynamic, positioning training, is another commendable effort in building domestic capacity.

According to Okunbor, with the five-year scholarships it provides for this training, Chevron has successfully trained more than 172 Nigerian seamen.

The SPDC MD also listed the launch of a 200 million dollars Nigerian Content Intervention Fund managed for the NCDMB by the Bank of Industry as another commendable initiative.

He said the fund was set up to boost the financial capacity of indigenous companies with loans at very attractive interest rates, which by extension reduces overall project costs.

“It is important to also recognise the successes from indigenous service companies. For example, Dorman Long Nigeria, fabricated the first pressure vessel in-country for the Gbaran Ubie Project.

“Kay-Global, another indigenous service company, is manufacturing fire retardant coveralls in Delta and Rivers States.

“High quality, locally manufactured low and high voltage cables which are now made by Coleman Cables, MicCom Nigeria and KableMetal are also worthy of mention,” Okunbor said.

He called on the entire industry to focus on existing challenges that hamper the effective delivery of Nigerian content aspirations.

Okunbor expressed optimism that with collaborative effort the oil and gas industry could deliver an in-country value addition model, that is worthy of replication globally.

“The theme of this year’s event: “Driving Nigerian Content in the New Dawn of the Petroleum Industry Act” is truly apt and well timed, given the overarching impact of the Act on the industry and the entire energy value chain in Nigeria.

“I am, therefore, looking forward to the in-depth and detailed conversations and discussions that will take place here, over the course of these next few days.

“I implore us all to fully engage, striving for honest conversations and strategic thinking as we discuss pertinent Nigerian content dilemmas and challenges.

“I have no doubts that the outcomes from this forum will provide useful insights for emerging policies and industry guidelines,” Okunbor said.

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Exchange Rate

Dollar to naira exchange rate today 20 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 20 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦414.3 and sold at ₦415.3, making an average of  ₦414.8 for $1 on Thursday January 20.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦415.24 on Tuesday January 18, and closed at ₦416.33 on Monday January 17. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦124.57m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Thursday January 20, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Exchange Rate

Dollar to naira exchange rate today 14 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 14 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.79 and sold at ₦414.79, making an average of  ₦414.29 for $1 on Thursday January 13.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.15 on Wednesday January 12, and closed at ₦416.50 on Tuesday January 11. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦172.99m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Friday January 14, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Business & Economy

Nigeria suspends cooking gas export

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Nigeria will no longer export cooking gas and will channel the procuct 100 percent to domestic market, the Nigeria LNG Limited announced on Thursday.

The board of directors had approved the supply of 100 per cent of the Liquefied Petroleum 3pGas (butane and propane) produced by the company to the Nigerian market.

The NLNG said in a statement that it would prioritise the domestic market for 100 per cent of its butane (cooking gas) production.

The Managing Director and Chief Executive Officer, NLNG, Dr Philip Mshelbila, said the announcement marked the company’s strong commitment to the continued growth of the domestic LPG market and its passion to increase utilisation of one of the most versatile energy sources in the world.

He said, “Committing 100 per cent of our LPG supply is a major milestone in our journey of domestic gas supply. We supplied our first butane cargo into the domestic market in 2007, which helped to develop over the years the LPG industry in Nigeria from less than 50,000 tonnes to over 1 million tonnes market size annually by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tonnes (or 28 million 12.5kg cylinders) to actual delivery of 400,000 metric tonnes (or 32 million 12.5kg cylinders) thereby directing most of our production into the domestic market.

“But this was not enough for NLNG, hence this commitment to do all that we possibly can and supply 100 per cent of our LPG production to the domestic market.”

According to Mshelbila, gas, as the cleanest of the fossil fuels, has become an essential energy source to be reckoned with during this energy transition period.

He said, “Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.

“Gas is essential for life and living at the moment, because it can support everything we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it.”

“Nigeria LNG Limited supplied LPG both to the Nigerian and international markets before now. With the decision of the Board of Directors, all of the company’s LPG production will be delivered to the domestic market.”

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