What services does Bureau Veritas Nigeria provide to the local oil and gas sector?

Bureau Veritas (BV) is a world leader in the Testing, Inspection, and Certification (TIC) industry, with a rich history dating back to 1828. Operating in 140 countries with a workforce of 83,000, our global annual revenue was €5,9 billion in 2023.

We have been in Africa since 1898, and we currently employ approximately 3,500 people in over 35 countries. In Nigeria, where we have been registered since 1990, with a team of around 150, our services span various sectors, including marine and offshore activities, crude and refined product testing, agri-food testing, certification, and governmental programs ensuring import compliance with local standards. In the oil and gas sector specifically, our services include shop inspection and fugitive emission measurements, aligning with global sustainability goals and local regulations. 

Can you share more on efforts in Nigeria to reduce methane emissions?

This initiative is gradually gaining momentum and is starting to attract the attention of both local regulators and international operators who are deeply invested in environmental concerns. In Nigeria, we see emerging opportunities in this area. We are employing techniques such as Leak Detection and Repair (LDAR) to assist our clients identify and address emissions. While we do not handle repairs directly, our focus lies on detection using various tools, including future emission measurements. We anticipate a significant uptick in attention towards emissions reduction in the oil and gas sector in the coming months and years, particularly here in Nigeria.

With IOCs divesting their Nigerian onshore assets to focus on offshore, has this created any opportunities for BV Nigeria?

The recent focus of major IOCs on offshore investments rather than onshore assets in Nigeria has significant implications. While some may perceive this as a decline in investment, it signifies a continued flow of FDI into the country, which is positive. This shift creates long-term opportunities for us, as offshore projects typically involve substantial investment and require comprehensive TIC services. However, it is crucial that the industry maintains rigorous safety and environmental standards across all operations, including those transitioning from onshore to offshore.

How have the recent currency fluctuations affected BV Nigeria’s operations?

Last year, amidst the presidential election, Nigeria experienced a cautious investment climate. Decisions were made to remove fuel subsidies and adopt a more flexible exchange rate policy, which led to significant currency fluctuations. While the currency situation remains volatile, there are signs of stabilization. However, high inflation rates, averaging around 30%, continue to pose challenges. Despite the relatively modest contribution of the oil and gas sector to Nigeria's GDP compared to other countries like Angola, it plays a crucial role in generating foreign exchange reserves, accounting for nearly 80% of total reserves. The recent investments in the sector by major players indicate optimism for the future. 

Will Nigeria's increase in refining capacity present opportunities for BV Nigeria?

The establishment of the Dangote refinery and fertilizer plants present significant opportunities for our OPEX services. This expansion in refining capacity signals a promising future for our involvement in these sectors. 

How can BV Nigeria serve Nigeria’s budding renewable energy sector?

The momentum in renewable energy, particularly solar, is significant. We anticipate a surge in solar projects. This growth presents an array of opportunities, not just in energy generation but also in associated services.

We operate across diverse sectors, each with its own set of requirements. Even in solar and wind projects, TIC services are essential. For instance, before initiating a solar project, there is a need for thorough environmental assessments, where we play a crucial role. During construction, compliance with standards for equipment such as solar panels is paramount, and we ensure adherence to these standards. Moreover, we gauge the energy efficiency of these installations, contributing to the long-term viability of the project. Furthermore, we extend our services to asset integrity management, ensuring sustained performance throughout the lifecycle, including decommissioning. In essence, we offer a comprehensive suite of services spanning the entire lifecycle of solar and wind projects.

What are BV Nigeria’s priorities for the coming years?

Our emphasis lies particularly on services geared towards achieving reduced carbon emissions within the sector.