Oil and gas opportunities valued over $50bn and projected to be developed within five years were showcased by international and indigenous companies at the 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) which ended on Friday at the conference hall of the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State.
Speaking at the conclusion of the two-day fair which drew 1,086 registered participants, the Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote stated that the quantum of opportunities covered different segments of the industry and required proper collation as they run into billions of dollars.
He stated, “some of the opportunities are from the indigenous players, some by NNPC Ltd and the international oil companies. If you put them together, in the next 5 years, they would exceed $50bn that would be invested in the Nigerian oil and gas industry”.
Listing a few of the opportunities and their values, he said: “Bonga Southwest which Shell talked about is almost about $7bn to $8bn. Shell also talked about Bonga North which they might take final investment decisions (FID) early next year and is almost $3bn.”
The 4th edition of the fair was attended by leaders of the oil and gas industry, including the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mallam Mele Kolo Kyari, Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor, chief executives of several international and indigenous operating and service oil and gas companies and other stakeholders.
The next edition of NOGOF is slated for 2025.