Indigenous service companies in the Nigerian Oil and Gas Industry have been advised to invest in asset ownership because it is a major yardstick used by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act to define Nigerian companies and confer advantages on them.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote gave the advice on Friday in Port Harcourt, Rivers State while commissioning PIMO Services Ltd’s new facilities and equipment.
He explained that the acquisition of important assets defined genuine Nigerian businesses who are not middlemen or commission agents but are positioned to offer top-notch services in-country.
He added that investment in assets also proves that Nigerian businesses are taking up the challenge to grow their outfits and contribute to in-country capacities and capabilities.
Assets commissioned by the Executive Secretary included Operational Bases I & II of PIMO Services and their newly acquired equipment, which included Hydro Hammer with the capacity of 200 kilo Joules, Internal Lifting Tools with the capacity of 250 tons, up to 42-inch diameter Conductors and Casing Running Tools, and many other state of the art tools to service the oil and gas industry.
He expressed delight that the acquisition of the modern tools and equipment afforded the company’s engineers and technicians the opportunity to develop requisite skills and competence to handle various jobs thereby enhancing engineering capabilities within the country.
While commending the management of the company for investing and contributing significantly to the growth of the Nigerian Oil and Gas sector, Wabote added that the investments also supported the Board’s 10-year strategic roadmap aimed at increasing the level of Nigerian Content in the Oil and Gas sector to 70 percent by 2027.
He noted that PIMO Services was the second facility he was commissioning in Port Harcourt since the outbreak of COVID-19 pandemic in March 2020, describing it as signs that better days were gradually returning to the oil and gas industry.
He called on other oil and gas service providers to emulate PIMO Services in their focus and dedication, adding that growth of oil and gas facilities needs to be worked on steadily till full rewards are realized.
In his remarks, the Managing Director of PIMO Services, Mr. Pius Uwhubetiyi stated that some of the equipment and tools it acquired were the only ones in Nigeria. He noted that the company’s investment in Hydro Hammer would save project promoters about 90 days that are normally spent importing and exporting the equipment for projects, while another major equipment saved Total Energies about US$600,000 when it was deployed on Ikike Field Development Project.
He added that the company was working to become the first firm to produce casing accessories in Nigeria, adding that it had the capacity, competence, and character to deliver on areas of expertise.
PIMO Services Limited is a wholly owned Nigerian Company and it had developed skills in the provision of quality engineering services such as Mechanical, Civil & Structural, Electrical Installation/Maintenance, Fire and Gas Systems, and other services to the oil and gas industry.