The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB)Omatsola Ogbe has expressed his dedication to strengthening the efficiency of the approval process for requests and documents submitted by operating oil and gas companies in the country.
The Executive Secretary made this disclosure during a meeting with senior officials from Chevron Nigeria Limited led by the Deputy Managing Director Cosmas Iwueze, at the Nigerian Content Tower, Bayelsa State.
This new development aims to ensure that oil and gas projects are developed quickly, leading to increased oil production and a stronger national economy. It is exciting to see how it will contribute to the country’s growth.
In a bid to achieve this, Ogbe proposed to set up Technical Working Groups (TWGs) between the representatives of NCDMB and various international oil firms so they would meet monthly or quarterly to discuss and evaluate their expectations from NCDMB concerning their projects.
The secretary’s intention was to resolve contentious issues, close all the gaps and come to an agreement before the official correspondence is received.
This would ensure quick turn around and approvals will be dealt with quickly and that will help cut downtime. He further urged oil and gas companies to abide by the Nigerian Oil and Gas industry Content Development (NOGICD) Act.
He also pleaded with these companies to see NCDMB as partners stating “We want to create the enabling environment that will minimize conflicts with international oil companies (IOCs) and attract investments into the sector. We want to create employment opportunities for our youths and help achieve the economic objectives of President Bola Tinubu. We want to make international oil companies comfortable and reverse the exit of foreign investors because they create jobs, and we need all hands on the deck.”
Cosmas Iwueze commended the Executive Secretary for embracing collaboration and striving to increase crude oil production in Nigeria. Producing oil at competitive costs is crucial, as it helps oil companies and the government boost Nigeria’s production volumes and revenue.
Iwueze further emphasized the need to encourage investments in the oil and gas sector. He explained that international oil and gas companies in Nigeria compete for capital with their sister operations in other oil producing nations.
He said: “The capital we need for big oil and gas investments is domiciled with global investors. We need to always present Nigeria as an investor friendly destination where people can come and do business.”
He also confirmed that the company was working on some major projects, relating to deepwater and Escravos gas-to liquids (EGTL) and he looked forward to receiving the board’s support and collaboration when the projects come for consideration and approvals.
