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PROVIDING VESSEL CHARTER SERVICES IN NIGERIA
An estimated $8 billion is spent annually on outsourcing of services in the oil and gas industry in Nigeria in operations such as fabrication, engineering procurement, construction (EPC), Front End Engineering Design (FEED), conceptual designs and seismic studies. This figure is projected to hit $15 billion within the next few years (Business Day, 2008).
Regrettably,
despite these huge sums of money spent in servicing the industry, only
a very little proportion of the accruable profit is spent in Nigeria.
Majority of the amounts are repatriated abroad, where most of the
equipment is manufactured; and providing employment opportunities for
citizens of other countries.
The
major reason for this situation has been attributed to low local
content (LC), which is a situation where most of the service contracts
are awarded to foreign firms because local indigenous firms lack the
requisite skills, technical expertise, manpower and production capacity
and capability to compete favorably.
The
passage and assent of the Nigerian Local Content Policy is an
expression of the desire of the Federal Government of Nigeria to ensure
that companies owned by Nigerians actively participate not only in the
oil and gas trade of Nigeria but in all technical aspects of the
Nigerian economy.
The
entire essence of the new law is to increase indigenous participation
in the oil and gas industry by prescribing minimum thresholds for the
use of local services and materials and to promote the employment of
Nigerian staff in the Industry.
Along
with the Cabotage law in the maritime industry, which seeks to
restrict the use of Foreign Vessels in Domestic Coastal trade to
promote the development of indigenous tonnage and to establish a
Cabotage vessel financing fund and for Related Matters, Nigerian
investors can better harness the opportunity available in the oil and
gas industry in Nigeria by providing maritime support services through
leasing and rental of vessel, barge and tugboat.
Haulage
of crew and equipment is an essential part of an oil and gas operation
which requires the use of barges, tugboats and vessels.
A
Barge is a flat – bottomed boat built mainly for river and canal
transport of heavy equipment's. Some barges are not self-propelled and
need to be towed or pushed by towboats. In the oil and gas industry,
they are mostly used in swampy operation for the haulage of crew and
equipment.
A tug boat is a boat that maneuvers vessel by pushing and towing them. They are usually used to tow barges.
A vessel is a craft for travelling and transporting goods on water and is usually larger than boats and barges.
Providing
marine support services in the oil and gas industry in Nigeria is
surely a viable business but the investor needs to be armed with the
right information to succeed in the business.
To continue reading this article and other investment opportunities in Nigeria, please do click on the link belowPROVIDING VESSEL CHARTER SERVICES IN NIGERIA
You can order our detailed feasibility report on providing vessel hiring and charter services in the oil and gas industry in Nigeria by clicking on the link below
PROVIDING VESSEL HIRING AND CHARTER SERVICES IN THE OIL AND GAS INDUSTRY IN NIGERIA; THE OPPORTUNITY.
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