By Akinola Ajibade
Operators in the upstream, midstream and downstream of the nation’s oil and gas industry should try and synergise their activities to achieve growth, the Managing Director, Shipbuilder, Samsung Heavy Industries (SHI), Mr. Jejin Jeon, has said.
He spoke at the Nigeria-South Korea Business Forum held in Lagos. The forum was at the instance of the Korea Trade Investment Promotion Agency (KOTAR), an agency of Korean Government. While delivering a paper entitled: Sustainable business for economic development: An overview of oil and gas industry in Nigeria, Jeon said that synergy between Samsung Heavy Industries and major operators in the Nigerian oil and gas industry has resulted in the construction of Egina Floating Production Storage and Offloading (FPSO) facility.
He advised other operators to follow suit. He said the facility, which was shipped to Nigeria sometimes ago produces 200,000 barrels of crude per day, adding that the facility produces about 10 per cent of the country’s oil production.
Jeon said: “The FPSO was made possible by the construction of fabrication and integration yard in Lagos. Egina FPSO is a flagship of oil and gas project spearheaded by Total, one of the oil majors operating in the country.”
According to him, collaboration between Samsung and Total, a French oil firm, has brought about the idea of building FPSO, providing a considerable revenue for Nigeria, building skills as the project has created employment opportunities for Nigerians, among others.
He advised foreign conglomerates, that are planning to invest in the Nigerian economy to attach considerable importance to three issues namely environment, regulation and partnering, adding that by so doing they would be able to play well in Nigeria.
