By Cosmas Nkerenwem
President Buhari
An Ijaw socio-political group, Patriots of Ijaw Nation (PIN), has appealed to President Muhammadu Buhari to approve the Zabazaba Deepwater Project as a way of boosting local content in the Nigerian oil and gas industry.
PIN made the call Monday in Yenagoa in a statement signed by its Publicity Secretary, Mr. Kesiye Newman.
The group said in the statement, “We most sincerely and respectfully request our president Muhammadu Buhari to approve the Zabazaba Deepwater Project because of its enormous economic benefits to the country. The $13.5 billion Zabazaba Deepwater Project will be executed by Nigerian Agip Exploration Limited (NAE) in partnership with Shell Nigeria Exploration and Production Company (SNEPCO).
“It involves the development of the Zabazaba deepwater field, a greenfield offshore licence in the eastern portion of the Niger Delta with proven reserves of 560 million barrels of oil, which will increase the country’s daily crude oil production.
“Most importantly, the Zabazaba Deepwater Project will be a significant boost to the country’s economy and the local content initiative being promoted and prioritised by the present government. Information from the Nigerian Content Development and
Monitoring Board revealed that the technical and commercial bids for the project had comfortably met the government’s aspiration of growing and maximising local content at the most competitive cost.
“The major contractors for the project, NAE and SNEPCO, have concluded plans for in-country fabrication and integration of the topsides of their projects’ Floating, Production, Storage, and Offloading (FPSO) vessels.
“The local content component of the Zabazaba Deepwater Project is unequalled, and its impact on the Nigerian economy, when fully executed, would be unprecedented. When it becomes operational, the project is expected to generate at least $8 Billion for Nigeria.
“Besides, the multiplier effect of the project on the local economies of the catchment areas in the Niger Delta will be huge. And it will be a major boost to the Buhari administration’s commitment to ensure peace in the region through the profitable engagement of idle hands.
“Approval of the Zabazaba Deepwater Project will also be a powerful statement of the APC Federal Government’s belief and commitment to the promotion of indigenous development of the oil and gas industry.
“We, therefore, urge you, Mr. President, to, in line with your fatherly disposition to the implementation of core projects that would drive development in all parts of Nigeria and the Niger Delta, in particular, give official confirmation to the Zabazaba Deepwater Project so that it can commence in earnest this new year.”
