Breaking News: $42 Million Oil and Gas Project to Be Reopened

The decision to resume the project was made by the board, taking into consideration the local employment situation and aiming to involve more local labor in the industry. The factory had been non-operational since its completion in 2017 due to a dispute between Africoat, the bank, and Lagos Deep Offshore Logistics Limited (LADOL).

The board's executive secretary, Omatsola Ogbe, stated that peacefully resolving these issues will help restore the factorys operations, thus supporting industrial development, benefiting investors, and generating more job opportunities for the economy.

The NCDMB has played a key role in expediting the approval of new projects. Several projects are currently progressing, including the Ubeta gas development project and the Bonga North project, both of which are being developed by TotalEnergies. Shell Nigeria Exploration and Production Company (SNEPCo) announced the final investment decision (FID) for the Bonga North project in December 2024.

In addition, the Eni Group and Shell are preparing for the Zabazaba deepwater project, similar to the preparations being made by SNEPCo for the HI and HA gas projects.

The NCDMB head emphasized that the board will continue to collaborate with international oil companies to develop new projects while ensuring that key components of these projects are executed by local companies with proven capabilities, in line with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.