Business
PETAN, NCDMB Sign MoU On Local Oil Firms’ WCS

The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) have signed a Memorandum of Understanding (MoU) on the implementation of the NCDMB-PETAN Working Capital Scheme for Nigerian indigenous oil service companies.
PETAN Chairman, Mr Nicolas Odinuwe, while signing the MoU, thanked the Federal Government under President Muhammadu Buhari, Minister of Petroleum Resources, Chief Timipre Sylva and the Executive Secretary of the NCDMB, Engr Simbi Wabote and his team for making the scheme a reality.
He said that since the Nigerian Oil and Gas Industry Content Development (NOGICD) Act came into being in 2010 resulting in the creation of the NCDMB, giant strides had been recorded in the industry and even more so under the leadership of Eng Wabote.
“Under the leadership of Engr Simbi Wabote, the performance level of the NCDMB has been ramped so much that even despite the devastating effects of the COVID-19 pandemic on the industry, we at PETAN can claim without fear of contradiction that the Board is now effectively over-performing as evidenced by the launch of the Nigerian Content Intervention (NCI) Fund and now the signing of this scheme which will no doubt, go a long way in leveling the playing field for indigenous oil and gas companies”, he said.
While promising upmost professionalism in the utilisation of the scheme, he noted that the move had increased the recovery and success factor of indigenous oil and gas companies exponentially.
Earlier in his remarks, the NCDMB boss, Engr Wabote, had described the signing of the MoU as a landmark event signalling a one of a kind intervention for oil companies that are usually at the receiving end of oil price dips and unforeseen circumstances such as the COVID-19 pandemic.
He charged PETAN to pass the litmus test as the scheme presents to pave way for more of such initiatives of the government to materialise.
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