Nestoil success stories cannot be discussed in a vacuum as the degree is predicated on the specialised services executed by its various Strategic Business Units (SBUs).
That the Nestoil group is now a household name in the oil and gas ecosystem is a testament to the capacity of the various Strategic Business Units (SBUs) it created to fill voids in the energy ecosystem.
News Rain Nigeria reports that aside from serving to contribute to the economic development of the country through contract execution for its various National Oil Companies (NOC) and International Oil Companies (IOCs) partners, they are contributing to the construction of key socio-economic sites across the country.
Nestoil, Nigeria’s largest indigenous Engineering, Procurement, Construction, and Commissioning (EPCC) company in the Oil and Gas sector, celebrating its 30th year of existence, believed its present positioning can only be achieved through leveraging the value of its sister companies.
The activities of Nestoil and its subsidiaries like Energy Works Technologies (EWT), IMPaC, B&Q Dredging, HammakoppConsortium, Scorpio Drilling, Neconde Energy, Nesthak, Shipside Drydock, Gobowen E&P, and Century Power Generation Limited – in the energy ecosystem, has led observers to call it the local content success story.
The well-equipped SBU’s were created at different fora during the evolution of the oil and gas sector, according to Dr. Ernest Azudialu-Obiejesi, the Nestoil Group Chairman and Group Managing Director, upon the identification of insightful business opportunities from needs that did not have readily available or sufficient in-country solutions.
On the company’s website, he said the SBUs were initially created to provide for critical needs that arose during Nestoil’s execution of various pipeline construction projects it got from local and foreign partners. These companies, presently, he enthused have been expanded and have become authorities in their fields.
Energy Works Technology (EWT), a fast-rising light-duty fabricator company was incorporated in Nigeria in 1999. Over the years, EWT has risen from a light-duty fabricator to a major industry supplier of Pressure Vessels, Process Plant Equipment, and Oil and Gas Steel Structures fabrications.
In recent times, EWT rolled the 1st of 3 Clad Plates being 90+4mm Thick Clad weighing 20 tons for SPDC Soku Nag Separator. The feat is the first of its kind in the Nigerian fabrication industry, as it also has the biggest heat treatment furnace in Nigeria.
The company’s vision statement is to be the leading process Equipment Manufacturers, Steel Fabricators, and Oil & Gas EPCI service provider in West Africa; while its mission statement reads, “EWT carries out its operations in a structured and safe manner to satisfy the expectations of our clients through continuous improvement of our capabilities.
This is a reflection of the Nestoil Group’s vision to maximise the potential inherent in the Local Content Act signed into law in 2010.”
Nestoil @30: Leveraging Nestoil’s SBUs To Grow Economy And Attain Industry Leadership
According to Engr. Simbi Wabote, Executive secretary, Nigeria Content Development and Monitoring Board (NCDMB), at a recent event on the impact of EWT, said, “EWT is one of those old initiatives in Nigeria to take advantage of Local Content act.
Over time, it has grown from strength to strength. The biggest area EWT has had an impact on is the area of fabrication. I recall their participation and impact in the famous Egina Project where some of the major components were fabricated out of that site.
‘’I also remember Nestoil evolving through EWT in the construction of Nembe creek trunk line all the way from the creek to Nembe for Shell, which of course is being used to transport crude today by other injectors to the line itself. I am proud of EWT in terms of how they have grown and where they are today. They are one of those success stories we share everywhere today.”
B&Q Dredging Limited
B&Q Dredging is an indigenous dredging company incorporated in 2005. Previously known as Baseman and Quality Services, B&Q is a wholly indigenous Nigerian company providing all facets of dredging & marine logistics services.
It has over the years acquired the assets of the Julius Berger dredging department. As a result of this acquisition, B&Q has repositioned itself as the foremost indigenous dredging company in Nigeria. With a staff strength of over 130 dedicated employees, It also owns the largest dredging and marine logistic fleet in Nigeria.
The company’s mission is to be the foremost dredgers in marine and civil construction works in Africa, while the mission is to provide the full range of composite dredging, civil construction, and marine logistics services while creating positive experiences for clients. It is committed to cultivating client relationships and ensure a culture of quality, safety, and respect for the environment.
Shipside Drydock Limited
Another company under the umbrella of Nestoil Group is Shipside Drydock Limited. It is one of the subsidiaries of the Obijackson Group, one of Sub-Saharan Africa’s fastest-growing conglomerates. It’s located on the Okirika Creek in Port Harcourt Rivers State Nigeria. Shipside Drydock is a maintenance and repair facility that houses eight (8) state-of-the-art workshops for total maintenance and repair of all types of Marine and Offshore Vessels.
Shipside Drydock Limited is managed by a team of seasoned professionals with a mix of expatriates and highly qualified Nigerians. The facility which was constructed by Damen Shipyard of the Netherlands has grown to become a dependable resource in the West African maritime industry through service excellence.
The company’s repair and maintenance facilities are tailored towards ensuring safe working conditions, competitive prices, short lead times, high-quality workmanship, and overall reliability in the service to our clients.
Century Power Generation Limited (CPG).
Amongst the list is Century Power Generation (CPG). It is set up for the primary purpose of generating electricity at a utility-scale in support of the Nigerian government’s effort to privatize, and thereby increase Nigeria’s electric power generation capacity.
CPG is an indigenous company that prides itself in developing and implementing local solutions to local problems.
It understands that stable and reliable power generation is the pathway to energizing Nigeria’s economic growth, so it’s committed to powering businesses, factories, homes, and institutions.
CPG believes in a continuously improving, long-term approach and therefore investing substantially to build a long-term position in Nigeria.
The company has partnered with Globeleq Advisors Limited, a leading Independent Power Producer operating and developing power projects in Africa.
Century Power Generation is currently developing a 1500MW gas-fired power plant in Okija, Anambra State.
The project is being developed in 3 phases; the first phase is a 495MW open cycle plant. The driving force or vision of the company is to become the largest, most reliable power supply in Nigeria and eventually Africa, delivering an uninterrupted supply of affordable electricity to businesses, factories, homes, and institutions 24 hours a day, 7 days a week.
Based on the values and an innovative approach to achieving results, Century Power was determined to meet and exceed global benchmarks in the power generation sector.
Neconde is a leading independent oil and gas company in Nigeria, with stakes in developed oil fields and gas reserves in the Niger Delta. The company’s core operations are the exploration and development of oil and gas assets for the production and sale of petroleum products in Nigeria to generate revenue.
The company was incorporated on November 26, 2010, as an independent oil & gas company serving as a special purpose vehicle for the acquisition and development of petroleum assets.
The company’s core operations focus on the exploration and development of oil and gas assets for the purpose of production and sale of crude oil and gas stock to generate revenue.
In June 2019, a consortium of seven local and international lenders signed an agreement to refinance Neconde Energy Limited’s Senior Secured Medium-Term Loan Facility Agreement, worth $640 million (N2.3trillion).
The refinancing of the facility followed the renewal of Neconde Energy Limited’s Oil Mining Licence (OML) 42 for the next 20 years, effective June 2019, by the federal government.
This development, according to the company, was a demonstration of support for the company’s commercial and financial operations by both local and international financial institutions
Neconde’s status as an indigenous company with an excellent management team offers a viable option through which the currently under-developed reserves of the Niger Delta could be brought into production with potential economic and social benefits for the region and country at large.
There is also an opportunity to utilize the associated gas produced for electricity supply to the region, resulting in significant socio-economic benefits.