Local Content development in the oil and gas sector recorded significant gains with the completion and load-out of quality pumps and valves for use in development of Train 7 of the Nigerian Liquified Natural Gas (NLNG) in Port Harcourt by an indigenous firm, BEAMCO.
This development, analysts say will go along way in supporting the strength of the naira. It will be recalled that, before now, huge amounts in dollars would have been spent on importation.
Reports say that the execution of the NLNG Train 7 project will at its peak create over 40,000 direct and indirect jobs.
The Train-7 is designed to move from Front End Engineering Design (FEED) to detailed design, construction, commission and delivery and this phase will attract almost $7 billion with an addition of the upstream scope of $10 billion which will boost the foreign direct investment profile of Nigeria.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, who early in the week visited the facilities of BEAMCO Nigeria Limited in Lagos commended the oil and gas service firm for the giant strides it recorded in oil and gas equipment components manufacturing.
Specifically he lauded the Nigeria Liquefied Natural Gas (NLNG) Limited, Saipem-Daewoo Joint Venture, and BEAMCO Limited for enhanced in-country value addition, as locally assembled pumps and valves are set for installation and pre-commissioning preparations on the multibillion-dollar NLNG Train-7 project on Bonny Island, Rivers State.
Speaking at the load-out ceremony at BEAMCO’s facility at Apapa, Lagos, the NCDMB boss noted with fulfilment that the feat of sourcing such vital components in-country was made possible by the Equipment Component Manufacturing Initiative (ECMI) launched by the NCDMB in 2013.