Senate assures AGIP on $13.5bn oil project

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The Senate has assured the Nigerian Agip Oil Company (NOAC) and other stakeholders of its support and commitment for the commencement of the $13.5 Billion offshore Zabazaba crude oil production project that is awaiting final investment decision.

Giving the assurance at an NOAC/Oando and NNPC organised Research and Development Forum/Exhibition of Emerging Technology with the theme:“ Research and Development-Emerging Technologies in the Nigerian Oil and Gas Industry,” Senator Solomon Adeola (APC, Lagos West), who is the chairman of the Senate Committee on Local Content, premised the commitment of the Senate on the fact that the project would be the first involving the Nigerian Content Development and Monitoring Board(NCDMB) and NAOC since the coming of the Local Content Act of 2010 to ensure Nigerian increased participation in the oil and gas sector.

“The National Assembly is very much interested in the project as it will go a long way in actualising the participation of Nigerians in this critical sector of our economy in terms of personnel, training and of course increase in our crude oil production.” he stated.

Adeola, commended NAOC for turning out yet another set of highly skilled sub-sea engineers for deep sea projects like Zabazaba stressing that as representatives of the people of Nigeria, it is the role of National Assembly to ensure that Nigerians benefit directly in the production and processes in crude oil exploration and exploitation.

“The goal of local content is not to drive away foreign investors but to have Nigerians participate in the production process with a view to mastering some aspects of these processes in due course. The industry have since achieved 28 per cent of local content and the goal is that by 2027,it would have achieved 70%” he stated.

Earlier, the Vice Chairman and Managing Director of NAOC, Mr. Lorenzo Fiorillo, said the company was committed to promoting value addition in Nigerian economy by deliberately utilising Nigeria human resources and materials and services in its gas and oil activities in compliance with Local Content Act adding that the exhibition programme is geared towards showcasing research and development in emerging technology towards growing Nigerian Content in the Oil and Gas Industry.

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