BY BASSEY ITA
The Investment Promotion Unit of Cross Riverians in Diaspora (CRID) is taking the initiative of boosting the revenue base of the state by promoting investment in the Oil and Gas sector.
CRID is deliberately ambitious and committed to a partnership with the State Government that will, among other benefits, generate a $150 million revenue; a 5% share of investment in the Oil and Gas sector annually.
Senior Special Consultant with Omar Iwi Nigeria Ltd and Dubai based Energy Consultant, Engr. Sunny Nchor, whose presentation at the just concluded Energy Summit in Calabar captured the readiness of CRID to partner Government in Energy Development and Production, stated that the development is coming on heels of “the energy transition philosophy, and due to the soaring energy cost.”
With a projection to transform to Compressed Natural Gas (CNG) value chain, Engr. Nchor said “the CNG project plans to diversify the economy, provide energy security, empower citizens and develop technology through skills acquisition and transfer.”
He maintained that “the Niger Delta is said to have an estimated 94 Trillion standard cubic feet of natural gas including 481 of Oil and 93 of Gas fields.”
His disclosure was to the effect that Industry Giants in the Diaspora are already gearing in for investments in the sector.
Engr.Nchor maintained that his company Omar Iwi Nigeria Limited, for instance, was putting in place a short and long term plan for a sustainable investment in the industry.
In the short term, Omar Iwi Nig. Ltd, he further explained “plans to design, build, commission and operate CNG services from Pipeline Natural Gas (PNG) and Bio-CNG sources”, while in the long term, he said, “there are plans to partner the State Government for gas exploration and production in the state owned marginal fields currently in the making.”
The value proposition of CNG, the Consultant mentioned, are the cheap cost and the ability to provide sustainable energy just as it would help reduce much of carbon emissions from automotive fuel consumption equipment as well as the ability to stimulate industrial growth with the different services that are bound to be created in the value chain.
While explaining the essence of the partnership with Government especially in the area of revenue generation, land acquisition, provision of amenities among others, Engr.Nchor said CRID leadership has been in talks with notable corporate Giants such as NISSAN in the United Kingdom, GREENFIR in China, and other Consortiums in the United States among others, to explore the huge potentials in the industry.
He used the occasion to appreciate the efforts of Managing Director/Chief Executive Officer of Omar Iwi Nigeria Limited, Dr. Julius Uti and other well meaning Cross Riverians in the diaspora for their efforts so far, to stimulate the growth of the state’s economy through the Diaspora Investment Promotion Agenda.
