Govt should support indigenous oil, gas firms to grow -Oyedun

Indeed, the key mandate of the Nigerian Content Development and Monitoring Board (NCDMB) rests on the need to grow local capacity to about 70 per cent which would subsequently cut back on spending the nation’s scarce foreign exchange.

In this interview held on the sidelines of the Oil Technology Conference (OTC) held in Houston, Texas, the Managing Director/Chief Executive Officer of Acme Multi Tech Services Limited, an indigenous Events Management Company (EMC) registered in the United States with a vision of supporting and promoting Small and Medium Enterprises (SMEs) from the African region to the global market, Mrs. Jumoke Oyedun, worried that,  attracting funding has over the years been the bane of indigenous oil and gas firms.

This, she said, has limited their capacity to compete with their peers across the globe.Oyedun urged the Federal Government to provide financial support which should include;  grants, low-interest loans and venture capital funding in order to enhance local content development and capacity of indigenous oil and gas companies.

Growing indigenous capacity

To enhance local content development and capacity building in Nigeria’s oil and gas  industry, the Government should strengthen local content policies; invest in education and training; provide financial support, including grants, low-interest loans, and venture capital funding for indigenous companies.

Also there is the need to establish innovation hubs to focus on oil and gas technology; promote partnerships between foreign investors and local businesses; enhance infrastructure development for efficient operations; implement transparent policies for trust and participation,monitor and evaluate initiatives to ensure effectiveness. All these actions will create a conducive environment for sustainable growth in the industry.

Assessment of local firms in service delivery, technical competence

Nigerian indigenous companies have shown impressive progress in service delivery, technical competence, and capacity building, receiving accolades and winning several local and international awards.All these no doubt lay credence to their capability to handle complex task in all aspect of the petroleum industry value chain which include; downstream, midstream, upstream and infrastructure.

As we all know, most of the firms that handled the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects which were inaugurated last week are all indigenous companiesFor those projects, approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two gas Processing Plants, which represents over 25 per cent incremental growth in gas supply.

In all these areas listed above, their improvements in operational excellence and innovation within the oil and gas sector are becoming more apparent, underscoring their dedication to maintaining high standards.This advancement not only facilitates their growth but also propels Nigeria’s overall economic development, solidifying its position as a key player in the global oil and gas industry.

Participation at 2024 OTC

As the Managing Director of Acme Multi Tech Services Limited and an EMC participant at OTC 2024, we assess Nigeria’s participation quantitatively and qualitatively. Registration data indicated increased interest, while engagement levels during sessions highlighted active involvement. Networking events fostered valuable connections, leading to potential business opportunities while Follow-ups revealed concrete outcomes like partnerships.

The feedback from Nigerian and other African country participants guides future planning. Media analysis gauges industry perception and global visibility. Nigerian involvement at OTC 2024 signifies significant progress in fostering global business relationships and technological exchanges in the offshore technology sector.

At OTC 2024, which was managed by our subsidiary company, New House International Limited, 20 prominent oil and gas firms showcased their services and expertise. Among them were; Seplat Energy Plc, Tasaniola Nigeria Limited, Joeny Holdings Limited, Goddie Chemicals International Limited, Aradel Holdings Plc, Ghana National Petroleum Corporation, New Energy Services Company Limited, and Ardova Plc.

Specifically, we highlighted two female-owned businesses, Offshore Dimension Limited and Numad Energy Limited, emphasizing our commitment to gender inclusivity. All these companies exemplify the varied capabilities of Africa’s oil and gas sector, underscoring its vibrancy. New House International Limited plays a pivotal role in championing growth and diversity within the industry.

The 2024 Offshore Technology Conference (OTC) stood out for its distinguished panel sessions and notable African leadership presence. Leading figures, including ministers from Nigeria and Ghana, along with managing directors of International Oil Companies (IOCs) and National Oil Companies (NOCs), enriched discussions on industry challenges and opportunities.

Panels covered a wide array of topics, reflecting current trends and addressing African industry concerns. The diverse participation provided comprehensive insights into global and local energy dynamics.Service delivery was exceptional, ensuring all attendees received a seamless experience. This commitment to excellence contributed significantly to the conference’s success. Overall, the 2024 OTC set a new standard for global oil and gas conferences, serving as a vital platform for African industry advancement and international partnerships.

Nevertheless, we encountered a significant hurdle due to the absence of printed booklets, typically essential for attendees in planning their visits and identifying key exhibitors. This absence potentially impeded participants from efficiently connecting with relevant businesses. Smaller companies and new entrants, relying on traditional methods for visibility, were particularly affected by this shortfall.While digital alternatives exist, not all attendees may have immediate access or prefer  them over physical copies.

Addressing this challenge for future conferences is paramount to ensuring exhibitors receive adequate recognition and engagement with attendees. Potential solutions include;ensuring reliable distribution of digital guides before the event and exploring eco-friendly ways to provide printed materials. Additionally, enhancing app functionalities or incorporating interactive kiosks at the venue could help mitigate the impact of the absence of physical booklets, ensuring a smoother experience for all participants.

Expectations for next year

As we look forward to the 2025 OTC, our expectations are ambitious, building upon this year’s successful participation. We intend to broaden the platform, offering increased representation for African-owned businesses, with a particular focus on Nigerians.This involves securing a prominent location to highlight their innovations in the global oil and gas industry. Our goal is to showcase the collective advancements of African businesses, particularly Nigerian firms, on a global stage.