Senate Assures NOAC, Others of commitment to Commence $13.5 billion off-shore Crude Oil project
The Senate Committee on Local Content has assured Nigerian Agip Oil Company (NOAC) and other stakeholders of its support.
The committee also expressed its commitment for the commencement of the 13.5 billion dollar off -shore Zabazaba Crude Oil Production project.
The Chairman of the committee, Sen. Solomon Adeola, gave the assurance in a statement by his Media Adviser, Mr Kayode Odunaro.
Adeola gave the assurance on Tuesday at an NOAC, Oando and Nigeria National Petroleum Cooperation(NNPC) Research and Development Forum.
The forum has the theme, “Research and Development-Emerging Technologies in the Nigerian Oil and Gas Industry.”
Adeola premised the commitment of the senate on the fact that the project, which was awaiting final investment decision, would be the first involving the Nigerian Content Development and Monitoring Board(NCDMB) and NAOC.
He said the project, the first of its kind since the passage of the Local Content Act, 2010 would ensure Nigeria’s increased participation in the oil and gas sector.
“The National Assembly is interested in the project as it will go a long way in actualising the participation of Nigerians in this critical sector of our economy in terms of personnel, training and increase in our crude oil production,” he said.
Adeola commended NAOC for turning out another set of highly skilled sub-sea engineers for deep sea projects like Zabazaba.
He stressed that as representatives of the people, it is the role of the National Assembly to ensure that Nigerians benefit directly in the production and processing of crude oil exploration and exploitation.
“The goal of Local Content Act is not to drive away foreign investors but to have Nigerians participate in the production process with a view to mastering some aspects of these processes in due course. The industry has since achieved 28 per cent of local content and the goal is that by 2027, it will achieve 70 per cent,” he said.
Earlier, Mr Lorenzo Fiorillo, Vice Chairman and Managing Director of NAOC, said the company is committed to promoting value addition in the Nigerian economy.
This he said the company is doing by deliberately utilising Nigerian human resources, materials and services in its gas and oil activities in compliance with the Local Content Act.
Fiorillo added that the exhibition programme is geared towards showcasing research and development in emerging technology, towards growing Nigerian content in the oil and gas industry.
Other participants at the exhibition, included Mr Bello Rabiu, Chief Operating Officer (COO) NNPC (Upstream) Mr Bambo Ibidapo-Obe, General Manager Oando and Engineer Simbi Wabote, Executive Secretary of NCDMB.(NAN)