NCDMB advocates investment week to boost crude oil production

As part of the strategies to increase Nigeria’s crude oil production and enhance revenue accruing to the national treasury, the Nigerian Content Development and Monitoring Board (NCDMB) has advocated for one week in each year to be dedicated to signing final investment decisions (FIDs) on new oil and gas projects.

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe made the proposal in his presentation at the 2024 African Oil Week, holding at Cape Town, South Africa.  

According to a statement by the Corporate Affairs Department of the board, a final investment decision is the final point in an energy project, in which the company or partners owning and operating a project give the final approval for the development, releasing the funding for the commencement.

Ogbe stated that the FID Week, if adopted, could be incorporated into the existing annual international oil and gas conferences and would feature international and indigenous operating companies.

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He stated that dedicating one week every year for FID signing could compel companies and relevant regulators to fast-track their processes to meet the deadline.  

He also indicated that the proposal for an annual FID Week has already been broached to Special Adviser on Energy to President, Mrs. Olu Verheijen and the leadership of the Nigerian National Petroleum Company Limited (NNPCL) and international oil companies (IOCs) and was being considered.

The NCDMB boss, who was represented at the African Oil Week by the Director, Projects Certification and Authorization Division (PCAD), Engr. Abayomi Bamidele, stated that the proposal for an annual FID Week was geared to address the insufficient FIDs signed by the operating companies and the limited number of new projects being developed in the Nigerian oil and gas industry.