The Nigerian Content Development and Monitoring Board has canvassed industry-wide support for initiatives that reverse negative trends in Nigeria’s energy sector and boost oil production.
The Executive Secretary of the NCDMB, Felix Ogbe, spoke at the International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos.
Ogbe, in a paper entitled ’Resolving the Nigerian Energy Trilemma: Energy Security, Sustained Growth, and Affordability’, identified the “alarming scale of pipeline vandalism and theft of crude oil” as the biggest threats to Nigeria’s energy security.
He noted that major oil and gas projects are required as well as a robust security strategy based on mutually beneficial collaboration with host communities.
To achieve these objectives, he said the board had undertaken to work with stakeholders in the industry to dedicate one week in every calendar year to signing Final Investment Decisions on new projects, as prospective investors could be motivated to act expeditiously to meet agreed-upon deadlines and regulators are similarly encouraged.
