Delayed contract approvals threaten oil industry efficiency – Expert
Delayed contract approvals threaten oil industry efficiency – Expert
Mr. Chris Onyekwere, the Executive Director of WIAFRI Well Services, says delayed contract approvals threaten industry growth, noting that persistent delays in the oil and gas contracting process continue to slow progress despite ongoing reform efforts.
Onyekwere said this on the sidelines of the Offshore Technology Conference (OTC) in Houston, Texas, U.S.
He said although the Nigerian Content Development and Monitoring Board (NCDMB) had introduced measures to shorten contract approval timelines, operators and indigenous service providers were yet to see the expected level of efficiency.
“The reforms are ongoing and some progress have been made, but the six-month contracting cycle being projected has not been fully achieved,” he said.
According to him, delays in project approvals and contract execution continue to affect operators, service providers and investors across the industry.
“What is being announced is not exactly what is happening on the ground, but we believe improvement is possible,” he said.
Read Also: Kebbi Govt unveils Sole Administrator to varsity community
Onyekwere urged regulators and industry stakeholders to sustain reforms, noting that faster contracting processes were critical to improving efficiency, attracting investment and boosting local participation in the sector.
Speaking on the company’s operations, he said WIAFRI Well Services had continued to expand its technology offerings after 38 years in business.
He said the company specialised in well intervention, well construction, cementation, coiled tubing, nitrogen services, well control and slickline operations.
Onyekwere said the company had also introduced advanced corrosion control technology for offshore oil facilities through an alliance with a Malaysian technology firm.
According to him, the Helicoid Sleeve technology enables operators to repair and refurbish offshore risers directly from platforms without deploying divers underwater.
“The technology helps to refurbish and protect offshore facilities more efficiently while extending the lifespan of critical infrastructure,” he said.
He added that the company had expanded operations beyond Nigeria into Uganda, India and Kuwait due to growing international demand for its services.
