Expert Highlights Importance Of Local Content Act To Petroleum Industry

THE Executive Secretary, Nigeria Content Development and Monitoring Board (NCDMB), Mr. Denzil Kentebe has described the Local Content Act as impactful and a boost to drilling services in the upstream sector of the oil and gas industry.

Kentebe expressed this view recently during the third technical session workshop organised by the International Association of Drilling Contractors (IADC) in Lagos.

He said that prior to enactment, less than five per cent of oil and gas expenditure was domiciled in the country yearly since 2010.

According to him, it was in a bid to reverse the ominous trend that NCDMB was formed to bring about economic development.

Kentebe, who spoke as guest lecturer, pointed out that the board was conceived and designed to create greater impact on employment opportunities in the country.

He disclosed that since inception, however, over 10,000 direct and indirect jobs have been created while some youths in the oil and gas sector had also been supported to acquire work skills as well as empowerment and asset ownership scheme.

“So far, about $5 billion has been made by the agency on projected investment since its inauguration.