International and indigenous enterprises displayed $50bn oil and gas potential at the 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State, which wrapped on Friday.
Engr. Simbi Kesiye Wabote, Executive Secretary of NCDMB, said at the end of the two-day exhibition, which gathered 1,086 registered participants, that the billions of dollars in prospects encompassed numerous business segments and needed adequate collation.
“Some prospects are from indigenous operators, others by NNPC Ltd and the multinational oil firms,” he said. In five years, they would top $50bn in Nigerian oil and gas industry investment.
He stated, “Bonga Southwest which Shell talked about, is almost about $7bn to $8bn. Shell also discussed Bonga North, a $3bn project that may pursue FID on early next year.
Wabote reminded interested service businesses and others that the oil and gas industry is highly technological and does not compromise safety and standards.
“If someone provides you projects he plans to implement in the next two years; Nigerian enterprises having listened to the opportunities should go back and continue to improve their capacities in readiness to actively participate.”
He advised that oil and gas entrepreneurs can only succeed after a period of time.
“Success requires stamina,” he remarked.
The NCDMB chair pledged to compile opportunities for registered attendees.
He said the Board tracks NOGOF opportunities.
“Most of them have come to fruition, others are challenged by security issues, Final Investment Decisions (FID) challenge,” he said of previous projects.
