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‘Egina deep water attracts $1bn investment’

By Collins Olayinka, Abuja
17 February 2015   |   11:00 pm
THE local content component of the Egina deep-water project has hit over $1billion, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa has disclosed.   Egina-Total Exploration and Production’s $15billion deep water project is the first major oil and gas project to be started under the Nigerian Content Act and…

THE local content component of the Egina deep-water project has hit over $1billion, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa has disclosed.

  Egina-Total Exploration and Production’s $15billion deep water project is the first major oil and gas project to be started under the Nigerian Content Act and it includes an FPSO unit, an oil offloading terminal and subsea production systems such as risers, 52 kilomres of oil and water injection flow lines, 12 flexible jumpers, 20km of gas export pipelines, 80 kilometres of umbilical and subsea manifolds.

  Speaking in Port Harcourt, Rivers State when he commissioned Saipem’s new double/quadruple joint plant, the Executive Secretary stated that the investment worth $60m was made towards delivering Saipem’s Nigerian Content scope on the Egina project.

  He added that the plant was worthy of celebration as it confirmed that the Board’s strategy to include Capacity Development Initiatives (CDIs) in major projects was working.

  He informed that CDIs would promote opportunities for training; knowledge and technology acquisition, adding that shop floors were expanding and capacity to execute work in Nigeria had increased substantially.

  Speaking further, Nwapa reiterated that over $5bn worth of investments have been made in Nigerian yards since the signing of the Nigerian Content Bill into law by President Goodluck Jonathan in 2010, especially by PETAN member companies and other firms like Aveon, Cameron, Ladol, Nigerdock, FMC, Tenaris, EWT etc. while about 40,000 technical jobs were being created per annum.

  He credited Mr. President and the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke for providing the political support and conducive environment to implement Nigerian Content Act.

  “Their support strengthened the board to overcome local and international resistance from very powerful forces,” he added.

  The Executive Secretary also commended Total for its continued investment in Nigeria despite the challenging economic environment, particularly the fall in crude oil prices, adding that NCDMB was focusing more on its developmental roles owing to the need to build collaboration to achieve targets set by the Act.

  In his welcome address, the Managing Director of Saipem Contracting Nigeria Limited (SCNL) Mr. Giussepe Surace confirmed that the company was in Nigeria for the long term and invests as a demonstration of its commitment to the nation. He added that the company viewed Nigerian Content as an opportunity for development rather than a requirement for compliance.

  Representatives of international oil and gas companies, service providers’ especially local partners of Saipem on the Egina project, attended the event.