Senate Committee on Local Content has assured Nigerian Agip Oil Company (NOAC), and other stakeholders, of the Red Chamber’s support and commitment for the commencement of the $13.5 billion offshore Zabazaba crude oil production project awaiting Final Investment Decision.
Giving the assurance at an NOAC/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,” committee chairman, Senator Solomon Adeola (APC, LagosWest), 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 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 said.
Senator Adeola also commended NAOC for turning out yet another set of highly-skilled subsea engineers for deep sea projects, like Zabazaba.
He stressed 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 has since achieved 28 percent of ocal Content and the goal is that by 2027, it would have achieved 70 percent” he added.
Earlier on, Vice Chairman and Managing Director of NAOC, Mr. Lorenzo Fiorillo, 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 and added that the exhibition programme is geared towards showcasing research and development in emerging technology towards growing Nigerian Content in the Oil and Gas Industry.