Waltersmith modular refinery, a 5,000 barrels per day production capacity facility being promoted by Nigerian Content Development and Monitoring Board (NCDMB), will commence operations in July 2020.
The Executive Secretary of NCDMB, Mr Simbi Wabote, made the fact known at the opening ceremony of the 9th Practical Nigerian Content conference and Exhibitions in Yenagoa, on Tuesday.
The theme of the conference is “Leveraging Local Expertise for Market Growth and Expansion”.
Wabote said that the board was determined to push Nigerian content in the oil and gas sector to 70 per cent by 2027.
He said that under his leadership, Nigeria content had grown from 26 per cent to 30 per cent in the past two years.
He said that the board would focus on gas value chain , LPG cylinder production and offload plant projects.
He said that the establishing of such in Nigeria would help to reverse an estimated capital flight of 360 million dollars per annum associated with production outside the country.
“We are working hard to ensure that local content is extended to other sectors of the economy.
In his remarks, the Minister of State for Petroleum Resources, Chief Timipre Sylva, lauded NCDMB for providing a world class facility at its newly built 17-storey office complex in Yenagoa.
The minister urged international and local Oil companies to emulate NCDMB and ensure full support for local content in their operations.
Sylva said that the Federal Government remained committed to deploying Nigerian content to drive down the cost of crude oil production to make more revenue for development.
He said the government was leveraging on the success of the Nigerian Content Act 2010 and planned to deploy the policy to other sectors of the economy through Executive Orders.
“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.
” We shall also work to bring down the cost of crude oil production by between three and five per cent,” Sylva said.
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, said the corporation had supported all efforts to ensure local content in the oil industry.
Represented by Chief Operating Officer Corporate, Services Alhaji Faruk Sa’id, the NNPC managing director said that it had become imperative to raise the bar for local content in the sector.
He said that there was need to ensure local content in oil lifting, exploration among others and pledged the corporation’s support for the development of the oil and gas sector. (NAN)