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ENTER INTO THE OIL AND GAS INDUSTRY IN NIGERIA BY SUPPLYING BARYTE ORE.
The recent enactment of the Nigeria oil and gas industry content development act has certainly opened up a lot of investment opportunity for local investors {Nigerians} in the oil and gas industry in the country . The “ACT” specifically imposes an obligation for the maintainance of a required Nigerian content level on all subsequent contracts and agreements carried out by companies trading in the Nigeria oil and gas industry.
Under the “ACT”,services like general banking,life insurance,pension fund,securities brokerage and fund management services are required to have 100% Nigerian content.This requirement also extends to the supply of drilling chemicals like barite ore , an important industrial mineral that is used as a weighing agent in drilling mud by oil producing companies in the oil and gas industry.
Nigeria has an estimated reserve of two million {2,000,000} MT of barite ore scattred in different parts of the country to include Plateau,Nassarawa ,Benue and Cross River states.
The Federal government in order to encourage the exploitation of the mineral locally placed a restriction on the important of the product into the country. A company can only import that product after showing clean evidence of insufficient local supply.
The market for the product is established since there is constant need for the product by the oil multinationals and there agents. The “ACT” and the restriction on the importation of the product would help to deepen the market for the product.
Barite ore is processed like other industrial mineral from collection to particle reduction and then packaging . The investor can choose to supply the product in the lump form to processing companies around that would process and re-sell to the oil companies or the investor can choose to have his/her mine and processing plant or just buy and re-sell to the processing plant.
One important fact in barite ore trading is the issue of quality. The quality of barite ore is measured based on the specific gravity {S.G} and specific gravity of 4.2 and above is generally preferred.
To tap in this great investment opportunity in the oil and gas industry in Nigeria, one would have to be registered with the department of petroleum resource {DPR} and the oil company one wants to deal with.
Just like the Nigeria oil and gas industry content development act has opened up different investment opportunities for Nigerians to tap into, barite supply has different strata’s the investor can operate from such as
1. Miner
2. Processor
3. Supplier
In order to encourage Nigerian service provider in the oil and gas industry, the “ACT” also created the Nigeria Content Development Fund to be financed by one percent of every contract awarded in the nations oil and gas industry so that Nigerian investors can access the fund for financing the projects.
To continue reading this article and other investment opportunities in Nigeria, please do click on the link below
ENTER INTO THE OIL AND GAS INDUSTRY IN NIGERIA BY SUPPLYING BARYTE ORE.
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Report Title: BARITE ORE TRADING IN NIGERIA; THE FEASIBILITY REPORT.
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