New Telegraph

50% of $12bn Train 7 project to be executed locally – NCDMB

The Nigerian Content Development and Monitoring Board (NCDMB) has declared that 50 per cent of Train 7 gas project would be executed locally. The full value network of the Train 7 project is nearly $12bn, this include the net cost of the project, estimated at $4-$5bn and an identical expenditure to be incurred on the company’s operational base in Bonny.

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, who said this while revealing that the 2021 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) will be held virtually in Lagos, added that the Board decided on the virtual option in compliance with the Federal Government’s guidelines on curtailing the COVID-19 pandamic as well as the subsisting travel restrictions in some countries. While admitting that hosting the conference virtually was new for the Board and other stakeholders, Wabote expressed excitement that it offers opportunity for participants to join from anywhere in the world without incurring logistics costs, thereby recording increased participation.

He explained that the core objective of organising NOGOF is to showcase the opportunities that are likely to emerge from the short to medium term plans and activities of operators and project promoters operating in the upstream, midstream and downstream sectors of the Nigerian Oil and Gas industry.

He added that the showcase of upcoming projects by operating companies gives Nigerian service companies ample opportunity to build relevant capacities that might be required to execute the projects in-country, thereby creating employment opportunities and retaining spend in-country. He stated further that “hosting NOGOF is line with the key thrusts of the Nigerian Oil and Gas Industry Content Development Act 2010 (“NOGICD Act”) which charged the NCDMB to build and support the development of local capacities and capabilities in the oil and gas industry, to foster institutional collaboration, maximising participation of Nigerians in oil and gas activities, linking oil and gas sector to other sectors of the economy, maximising utilisation of Nigerian resources, among others.

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