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Nestoil Seeks Collaboration Among Local Oil Firms

The management of Nestoil has said collaboration among  local oil companies in the country will transform them into regional powerhouses capable of harmonising the economies of the West African region with the whole of Africa’s.

Group Managing Director, Dr. Ernest Azudialu-Obiejesi, who spoke on the necessity of such collaboration said it will open them up to a lot of opportunities springing up across the new frontiers in the industry.

Speaking at the West African International Petroleum Exhibition and Conference (WAIPEC), where he was a member of the panel discussing how Indigenous contractors can be transformed into regional powerhouses,

Azudialu-Obiejesi said collaboration which can be through a ‘Central hub model, Multiple hub models or that of Pure Organic model’ when adopted will reduce rivalry among local firms, save cost, increase expertise and shared values to the partners. He mentioned the benefits accruable to other oil companies through Nestoil 59-hectare base in Abuloma, Rivers state, deep into the ocean where a lot of fabrication activities go on with dockyard availability, and how other firms can come in, do their contracts using the facility therein and move the products when completed instead of thinking to expend extra costs due to non-availability of facility.

According to him, there is a huge opportunity inherent in the West African market yet to be tapped, noting that if there was no market there would be no opportunity, but the availability of market is why transformation is being touted.

Represented by Nnamdi Ihekweazu, Head of Business Development, the Nestoil boss said solutions to human capital development issues can be available from local expertise which has been the company core message since inception as 95 percent of its workforce are Nigerians.

“Our belief in local capacity was why we were able to be the first firm to pioneer alternative evacuation system to stop oil theft permanently in the industry and we were able to achieve this due to the trust we placed on our workforce”, he asserted.

He said Nestoil is open to replicate the system with other oil companies due to the enormous benefit that the country can get from it.