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Deepwater operations generate over $180bn revenue – Baru

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Dr. Maikanti Baru has revealed that deepwater operations in Nigeria have generated over $180bn in revenue. He said the revenue was generated following industry players’ capital investment in excess of $65bn in deepwater sub-sector of the oil and gas industry.

The GMD disclosed this while delivering a paper titled, ‘Deepwater operations in Nigeria: The journey so far’, at the panel session of the Petroleum Technology Association of Nigeria during the ongoing Offshore Technology Conference in Houston, Texas.

Represented by the Chief Operating Officer, Upstream of the NNPC, Mr. Bello Rabiu, he stated that Nigeria held approximately 13 billion barrels of oil, out of which about two billion had been produced with a huge volume yet untapped.

He also said the country remained an active player relative to other regions in terms of deepwater development, stressing that the industry started with the deployment of the latest technology.

He was quoted in a statement issued by the firm as saying, “Out of the 15 Floating Production, Storage and Offloading vessels in Nigeria, seven have been deployed for deepwater operations.  Nigeria ranks only behind Angola within the African deepwater operations in terms of FPSO deployment.”

According to the GMD, the country has utilized each deepwater project as an avenue to upscale its unique human capital skills in different areas not limited to engineering design, project management, welding, and diving.

He added that the local content contribution or services share in deepwater had continued to grow and improve from less than one percent to an aggregate contribution of over 25 percent from engineering man-hours of less than 20,000 to over 1.1 million in Egina project.

The NNPC helmsman stated that deepwater projects had benefitted the wider Nigerian economy by boosting demand for a range of goods and services, including offshore vessels and platforms, materials, floating hotels, helicopters, and manpower, creating jobs and providing a wide range of training and maintenance services to the industry locally.

He added that services in areas such as manpower supply, logistics, and vessel supply, chemical supplies had been domesticated in the deepwater value chain.

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