Skills Shortage Hampers Growth Of Indigenous Oil Firms

A shortage of skills has denied indigenous oil servicing companies a significant share of the job opportunities in the Nigerian oil and gas industry through exploration and production (E&P) activities, which have been estimated at about $17.5 billion annually.

Nigerian indigenous companies are benefitting from only a fraction of this amount because of lack of competencies and capacities.

Analysts say for Nigerian independent E&P companies and service providers to be empowered to bid for such jobs, they need to develop their capacities and competencies with respect to planned projects between now and 2025 in three key E&P areas – engineering, procurement and services.

Oil and gas drives the Nigerian economy and billions of dollars are spent annually on servicing the entire industry, with most of the spending going to engineering-related operations such as Front End Engineering Design (FEED), Detailed Engineering Design (DEED), Engineering Procurement and Construction (EPC), and other E&P services.

SOURCE

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