NCDMB commits $332m to partnerships, targets $3.7bn in investments

The Nigerian Content Development and Monitoring Board said that it had committed a total of $332m to venture partnerships and targeted $3.7bn in direct investment to the country.

The Executive Secretary of the NCDMB, Simbi Wabote, said this at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair held virtually.

He listed the proposed projects under the partnerships and as well as the achievements the board had made from the previous edition in 2019.

Wabote said the partnerships included the 5,000 barrels per day Waltersmith Modular Refinery at Ibigwe, Imo State, the establishment of 80 million standard cubic feet per day gas processing plant with the NEDO Gas Processing Company in Kwale, Delta, and a 300 MMscfd Kwale Gas Gathering hub.

Other investments, he stated, were the development of 5,000 metric tons LPG Storage and loading terminal facility in Delta, the construction of Energy Park, inclusive of a modular refinery, power plant and 40MMscfd gas processing facility at Egbokor, Edo State, by Duport Midstream.

Wabote said that the NCDMB had partnered with Brass Fertiliser for the development of a 10,000 metric ton per day Methanol Plant and 500MMscfd gas processing plant. He also disclosed partnerships ongoing in the West and the North to deepen Liquefied Petroleum Gas utilisation.

He said, “We shall complete and commission composite LPG cylinder manufacturing plants with a combined capacity of 1.2 million cylinders per annum. We shall commission three other projects dedicated to gas processing, LPG bottling, and production of base oil.”

“We shall also commission and commence operations from our industrial parks at Odukpani and Emeyal-1 and we shall commercialise at least one R&D project and close skills gaps in under-water welding and any other core skill required in the industry.”

Wabote hinted at the roll-out of new policies and enactment of laws such as the Decade of Gas declaration by the President, Major General Muhammadu Buhari (Retd.) would open a new era of opportunities for keen investors.

He added that the impending passage of the Petroleum Industry Bill, the amendment of the Nigerian Oil and Gas Industry Content Development Act, and the ratification of the African Continental Free Trade Area agreement would also create opportunities.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, spoke at the event, saying that opportunities abound in oil and gas sector partnerships with the NNPC.

Kyari said the rehabilitation of existing refineries, construction of greenfield condensate refineries, and in the downstream sector especially in LPG and Compressed Natural Gas plants across the country were areas to look into.

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