$1.3b facilities idle as delay stalls upstream sector projects

If a new upstream project is not approved after the completion of the Egina Floating Production Storage Offloading (FPSO) vessel, ship repair and fabrication yards worth over $1.3 billion may remain idle, with about 20,000 workers risking job loss.

More than 10,000 jobs may also be affected, if the Final Investment Decision (FID) on the Zabazaba deep water project is delayed beyond the second quarter of 2018.

The Guardian learnt that uncertainty over fiscal terms in the Petroleum Industry Governance Bill and low oil prices contributed to the delay in FID by investors.

Indigenous companies like Dorman Long Engineering Nigeria Limited, Nigerdock, Aveon Offshore Limited, Energy Works Technology Limited (EWT), Lagos Deep Offshore Logistics Base (LADOL) had invested in building yards to enable them to contribute to the Nigeria content in the Egina FPSO project.

The Guardian, February 21, 2018

 

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