By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has expressed optimism that in the next five years, crude oil refineries in the country would be able to refine not less than 1.2 million barrels per day.
The Executive Secretary of the organisation, Mr Simbi Wabote, while speaking at the maiden NCDMB Nigerian Content Midstream/Downstream Oil & Gas Summit in Lagos themed Towards Maximizing Potentials in the Midstream and Downstream Oil & Gas Sector – A Local Content Perspective, said, “About 400,000 barrels per day is expected from the rehabilitation of NNPC refineries in Port Harcourt, Warri, and Kaduna using target performance of not less than ninety per cent of nameplate capacity.
“The Greenfield element of the roadmap covers the mechanically complete 650,000 barrels per day Dangote Refinery in Lagos and the 200,000 barrels per day BUA Refinery in Akwa Ibom state.”
He disclosed that the NCDMB has partnered with major operators in the industry such as NNPC, Waltersmith, Azikel, and Atlantic Refinery among other stakeholders to help grow domestic refining capacity.
Mr Wabote also said that Nigerian content is targeted to achieve 70 per cent in the Nigerian oil and gas industry by the year 2027.
“Based on our 10-year strategic roadmap to achieve 70 per cent Nigerian Content target in the Nigerian oil and gas industry by the year 2027, the midstream and downstream sectors of the industry represent key areas to derive and extract value to meet our set target,” he said.
According to Mr Wabote, there is an opportunity to maximize potential in the midstream and downstream sectors of the oil and gas industry, especially in the area of employment, entry barriers for businesses, and profit margin in the LPG value chain, energy security and social impact.
“It is important to highlight that this development goal goes beyond the oil and gas but has linkage to other sectors of the economy covering construction, ICT, agriculture, Research and Development, Education, and others.
“NCDMB is serving as a catalyst to enhance the realization of the refining roadmap,” the NCDMB boss stated.
He also emphasized the importance of the completion of projects undertaken by the board and partners, saying, “There is no doubt that these giant strides in the midstream and downstream sectors of the oil and gas industry are indeed the envy of many African countries. It is however important that we finish off the projects under development so that the associated values and opportunities could be realized.”
”The need to share investment and skills across the borders within Africa, indigenous research and development, funding structure for hydrocarbon projects, and others were key factors identified as focus areas to ensure our readiness to take our destiny in our hands.
“I am delighted that APPO has signed an MOU with Afrexim Bank to set the ball rolling in addressing the funding challenge,” he added.
Modupe Gbadeyanka