Senate Assures Agip Of Commitment To $13.5Bn Oil Project

The Senate has assured Nigerian Agip Oil Company (NAOC) 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 NAOC/Oando and NNPC organized 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) the chairman of the Senate Committee on Local Content, premised the commitment of the Senate on the fact that the project will 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 actualizing 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.

Senator Adeola commended NAOC for turning out yet another set of highly skilled subsea 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% of Local Content and the goal is that by 2027, it would have achieved 70%” he stated.

Earlier on, Mr. Lorenzo Fiorillo, the Vice Chairman and Managing Director of NAOC said the company is committed to promote value addition in Nigerian Economy by deliberately utilizing 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.

Other participants at the exhibition include Mr. Bello Rabiu, the Chief Operating Officer (COO) NNPC (Upstream), Mr. Bambo Ibidapo-Obe, the General Manager Oando and Engineer Simbi Wabote, The Executive Secretary of NCDMB.