The Nigerian government is setting up an oil and gas museum with private sector participation in Oloibiri, Bayelsa State in the Niger Delta Area, where Shell D’Arcy, a forerunner of today’s Shell Petroleum Development Company (SDPC) successfully drilled the first oil well in Nigeria in January 1956
The museum is expected to be completed in 36 months.
The project is being promoted by four major institutions two owned by the central government- the Nigerian Content Development and Monitoring Board (NCDMB), the Petroleum Technology Development Fund (PTDF), from the private sector (SPDC) and the Bayelsa state government.
Leading the pack is PTDF with funding contribution of 40 per cent followed by NCDMB with 30 per cent, Shell 20 per cent and Bayelsa state government 10 per cent.
The partners would contribute the takeoff funds, conduct design competition, feasibility studies, establish project cost and take final investment decision and commence construction.