National Engineering and Technical Company (NETCO), a subsidiary of Nigerian National Petroleum Corporation (NNPC) Managing Director, Usman Baba, yesterday, said the company is exploring business opportunities in Equatorial Guinea to boost its revenue generation capacity.
Baba made the disclosure during an oversight visit of the House of Representatives Committee on Petroleum Resources (Upstream) to the company in Lagos.
Baba said NETCO was established in December 1988 to provide an efficient and reliable engineering base for the NNPC Group and the Nigerian oil and gas industry.
According to him, NETCO has been involved in some key projects in the Oil and Gas sector in the last five years, including the Nigerian Liquefied Natural Gas Train 7 project, refineries rehabilitation project and the Ajaokuta-Kaduna-Kano gas pipeline project which are ongoing.
He said the company was also involved in capacity building in the industry, adding that about 80 young engineers were currently undergoing training in NETCO.
Baba said the company recently acquired a land to build a fabrication yard in Akwa Ibom State which would help to reduce capital flight when operational.
While thanking the committee for the visit, Baba sued for their continuous cooperation and support to enable NETCO actualise its mandate.
NNPC Group General Manager, Mele Kyari, recently said the vision was to make NETCO the hub of engineering, procurement and construction in the West African sub-region and major revenue earner for NNPC.
Chairman of the committee, Musa Adar, said NETCO had a key role to play in curbing unemployment through provision of training opportunities for young Nigerians.