Apparently worried by the domination of foreign interests in the nation’s oil and gas sector, the federal government has assured that on going review of the local content bill is to address the basic reasons why Nigerian companies can not participate in the oil and gas sector.
Commissioning an ultramodern indigenous drilling facility in Port Harcourt last week, the minister of State for Energy (Petroleum), Mr. Odein Ajumogobia declared that although Nigeria has been a major player in the global oil and gas sector for about 50 years, the industry is yet to impact positively on Nigerian companies.
He disclosed that the oil and gas sector would expend about $15Billion between now and 2010 and promised that government would intensify work on its local content policy to pave way for more Nigerian companies to take advantage.
The Minister noted that the Nigerian oil and gas industry would only be deemed to have come of age when indigenous businesses in the sector are part of the appreciable part of the intended $15 billion investment.
He appealed to Shell Petroleum Development Company, Elf, Mobile and several other multinationals to encourage the implementation of the local content policy because the indigenous companies have over the years proven their competency.