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…Unveils completed 17-storey office complex in Yenagoa
Strong indications have emerged showing that by 2020, Nigeria’s crude oil refining capacity may be tripled as a number of refineries would be completed for operations before the end of the year.
This is as the Minister of State for Petroleum Resources, Chief Timipre Sylva, lauded the Nigerian Content Development and Monitoring Board (NCDMB) for providing a world class facility at its newly built 17-storey office complex in Yenagoa.
The Executive Secretary of NCDMB, Mr Simbi Wabote, said all things being equal, Waltersmith modular refinery, a 5,000 barrels per day (bpd) production capacity facility being promoted by the Board will commence operations in July 2020.
Speaking at the opening ceremony of the 9th Practical Nigerian Content conference and Exhibitions in Yenagoa, Wabote added that under his leadership, Nigeria content had grown from 26 per cent to 30 per cent in the past two years, adding that the Board would focus on gas value chain, LPG cylinder production and offload plant projects from next year.
Making further submission on the conference theme; ‘Leveraging Local Expertise for Market Growth and Expansion’, NCDMB boss noted that whereas the Board is determined to push Nigerian content in the oil and gas sector to 70 per cent by 2027, “We are working hard to ensure that local content is extended to other sectors of the economy.
According to him, the establishment of such in Nigeria would help to reverse an estimated capital flight of 360 million dollars per annum associated with production outside the country.
Earlier in his remarks, Chief Timipre Sylva, urged international and local Oil companies to emulate NCDMB and ensure full support for local content in their operations.
According to him, the Federal Government remained committed to deploying Nigerian content to drive down the cost of crude oil production to make more revenue for development.
While noting that the government was leveraging on the success of the Nigerian Content Act 2010 by deploying the policy to other sectors of the economy through Executive Orders, the Minister averred that “Under my watch at the Ministry of Petroleum Resources, my priorities will include ending the smuggling of petroleum products into neighbouring countries, further reduction in gas flare and increasing oil output to three million barrels daily.”
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