Upstream: expert harps on impact of local content act

The Executive Secretary, Nigeria Content Development and Monitoring Board (NCDMB), Denzil Kentebe has harped on the impact of local content Act as it helps to boost drilling services in the upstream sector.

He made this known recently during a 3rd technical session workshop organised by the International Association of Drilling Contractors (IADC) and held in Lagos.
He buttressed that prior to enactment, less than 5 per cent of oil and gas expenditure was domiciled in the country annually since 2010.

Kentebe, who was the guest lecturer, explained that to be able to reverse the omnious trend and reposition it, NCDMB was formed to bring about economic development.
He further pointed out that initiatives was conceived and designed to create greater impact on employment opportunities in the country.

He maintained that since inception, over 10,000 direct and indirect jobs has been created and some youths in the oil and gas area had also been supported to acquire work skills as well as empowerment and asset ownership scheme respectively.

Kentebe, however, noted that so far, about $5 billion has been made by the agency on projected investment since the NCDMB was inaugurated.

He further averred that introducing the Offshore Rig Acquisition Strategy (ORAS) was to help stimulate and support local acquisition of offshore rig asset.

Kentebe also posited that the lull in drilling activities is due to non passage of Petroleum Industrial Bill (PIB) and added that things would be different if eventually passed by the National Assembly.

Moreover, he hinted that they are already promoting and establishing of drilling and well services training facility towards engaging prospective drilling organisations.
Again, he stated that they would engage stakeholders to collaborate with IOC’s in order to promote the development of the local barite and the chemical industries to see what they can do.