Ernest Azudialu-Obiejesi, group managing director, Nestoil has said that collaboration among local oil operating firms will open up lots of opportunities that will transform them into regional powerhouses capable of developing the economies across the continent.
Azudialu-Obiejesi, disclosed this at the recently held West African International Petroleum Exhibition and Conference (WAIPEC), during a panel discussion on the transformation of indigenous contractors into regional powerhouses.
According to Azudialu-Obiejesi, 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 and save cost, thereby, increasing expertise and shared values to the partners.
He highlighted the benefits that can be accruable to other oil companies through the firm’s 59-hectare base in Abuloma, Rivers state, where lots of fabrication activities go on with dockyard availability.
He stated that other firms can come in to do their contracts using the facility therein and move the products when done instead of thinking to expend extra costs due to non-availability of the facility to them.
He said there is a huge opportunity inherent in the West African market yet to be tapped, adding 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, Nestoil, he said solutions to human capital development issues can be gotten from local expertise which has been their core message since inception as 95 percent of their 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 they are open to replicate the system to other oil companies due to the enormous benefit that the country can get from it.
