Wednesday 3 August 2016

CONTENT POLICY SUFFERS UNDER LOW OIL PRICES

Executive Director West African Ventures Alhaji Ibrahim Sambo (left); Legal Manager, Uchenna Agwagon; Chairman Oil & Gas Committee, Port Harcourt Chamber of Commerce & Industry, Engr. Lucky Akhiwu; House of Reps Committee Chairman, Emmanuel Ekon; Committee Member,Henry Ofongo, Head Safety & Environment WAV, Eddy Bassey; and Reps Committee Member, Loveth Idisi, during the verification of indigenous marine capacity at the Shipyard and fabrication facilities of West African Ventures in Onne, Rivers State. The participation of local firms in the Nigerian oil and gas industry have fallen significantly as the slump in global crude oil prices left many of them without contracts.

The sharp drop in prices has forced oil companies, including the big ones, to cut capital expenditure budgets, lay off employees and suspend some projects. Despite the falling crude oil prices, which have affected patronage of indigenous oil companies, West Africa Venture (WAV) has achieved 100 per cent local content policy in its operations, the company told The Guardian.

Read more @ The Guardian

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