How To Start A Lucrative Oil and Gas Servicing Company in Nigeria and Africa: The Complete Guide

The oil and gas industry is a vital sector of Nigeria’s economy, as the country is the largest oil producer in Africa and the sixth largest oil-producing country in the world. According to the Nigerian National Petroleum Corporation (NNPC), the country’s oil reserves were estimated at 37.4 billion barrels as of January 2021. Additionally, Nigeria has vast natural gas reserves, estimated at over 200 trillion cubic feet. The importance of the oil and gas industry in Nigeria makes it a significant contributor to the country’s gross domestic product (GDP), with the sector accounting for over 10% of Nigeria’s GDP in 2020.

Oil and gas servicing companies play a crucial role in the oil and gas industry in Nigeria and Africa. The oil and gas industry is a significant contributor to the economy of Nigeria and Africa, accounting for a significant portion of their GDP. According to the National Bureau of Statistics, the oil and gas sector contributed about 8.93% to Nigeria’s GDP in 2020. In Africa, oil and gas exports account for about 60% of total exports, with Nigeria being one of the top oil-producing countries in the continent.

The global demand for oil and gas servicing is projected to grow in the coming years, creating an opportunity for Nigerian oil and gas servicing companies to expand their operations and increase their exports. As of 2021, the global oilfield services market was valued at USD 200.8 billion, and it is expected to reach USD 261.5 billion by 2026, growing at a CAGR of 4.5% during the forecast period.

Oil and gas servicing companies provide essential support services to the upstream and downstream sectors of the industry. Their services include drilling and well services, maintenance and repair of oil and gas equipment, engineering and construction services, logistics and transportation, and many others. The increasing demand for energy in Nigeria and Africa has created significant opportunities for oil and gas servicing companies to expand their operations.

In Nigeria, the oil and gas industry is regulated by the Nigerian National Petroleum Corporation (NNPC), which oversees exploration, production, and export of oil and gas. The Nigerian Content Development and Monitoring Board (NCDMB) also plays a crucial role in ensuring that local content is maximized in the industry. This has created opportunities for local oil and gas servicing companies to participate in the industry and provide services to international oil companies operating in the country.

With the increasing demand for oil and gas services in Africa, oil and gas servicing companies in Nigeria have the potential to expand their operations and provide services to other African countries. The African Continental Free Trade Area (AfCFTA) agreement, which came into effect in 2021, creates opportunities for Nigerian oil and gas servicing companies to export their services to other African countries and take advantage of the growing demand for energy services in the continent.

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What Is Oil and Gas Servicing?

What Is The Oil and Gas Servicing Company Business In Nigeria and Africa About?

Oil and gas servicing refers to the provision of services to oil and gas companies that are involved in the exploration, production, refining, and distribution of oil and gas products. The services offered by oil and gas servicing companies are essential to the smooth running of the industry, and they include drilling, well maintenance, logistics, transportation, and engineering services, among others.

Oil and gas servicing is a mature industry that requires significant capital investments, expertise, and technical knowledge. The industry has experienced significant growth in Nigeria and Africa, with many oil and gas servicing companies providing services to multinational oil and gas companies operating in the region.

The income potential in the oil and gas servicing industry is significant, as companies can generate substantial profits from providing essential services to the oil and gas industry. However, the industry is also highly competitive, and companies need to continually invest in research and development to remain competitive and provide high-quality services to their clients.

Various research works and reports have shown the potential of the oil and gas servicing industry in Nigeria and Africa. For instance, a report by the African Development Bank highlights the potential of the industry in creating jobs and contributing to economic growth in the region. Additionally, a report by Frost & Sullivan highlights the growth opportunities for oil and gas servicing companies in Africa due to the increasing demand for oil and gas products and the need for modernization and technological advancements in the industry.

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Benefits of The Oil and Gas Servicing Company Business In Nigeria and Africa

1. Job Creation: Oil and gas servicing industry is a significant contributor to job creation in Nigeria and Africa. This industry has a high demand for skilled and unskilled labor, providing employment opportunities for millions of people.
2. Revenue Generation: Oil and gas servicing companies in Nigeria and Africa contribute significantly to the economy through the payment of taxes, royalties, and other fees to the government.
3. Foreign Exchange Earnings: Nigeria is one of the world’s top producers of crude oil, and as such, oil and gas servicing companies have the potential to earn foreign exchange through exports.
4. Increased Investment Opportunities: Oil and gas servicing industry in Nigeria and Africa attracts a lot of foreign investment due to the vast reserves of natural resources in the region.
5. Technological Advancement: Oil and gas servicing companies are significant drivers of technological advancements in Nigeria and Africa, as they seek to improve efficiency and reduce environmental impact.
6. Infrastructural Development: The oil and gas servicing industry is a significant contributor to infrastructural development, as companies often invest in building roads, hospitals, schools, and other social amenities.
7. Skill Development: Oil and gas servicing companies provide training and development opportunities for employees, thus promoting skill acquisition and capacity building.
8. Boosts other industries: Oil and gas servicing industry provides the needed energy for other industries to operate effectively.
9. GDP Contribution: The oil and gas industry accounts for a significant percentage of Nigeria’s GDP, and oil and gas servicing companies contribute significantly to this.
10. Economic Diversification: The oil and gas servicing industry in Nigeria and Africa is a significant player in the diversification of the economy, contributing to sectors such as agriculture, transportation, and manufacturing.
11. Increased Government Revenue: The government generates significant revenue from the oil and gas industry, and oil and gas servicing companies are a significant contributor to this.
12. Improved Standard of Living: Oil and gas servicing industry provides employment and income opportunities, which translates to an improvement in the standard of living of people in Nigeria and Africa.
13. Social Development: Oil and gas servicing companies often invest in social development projects, such as building schools, hospitals, and providing clean water to local communities.
14. Export Opportunities: Nigeria is a significant exporter of crude oil and natural gas, and oil and gas servicing companies can tap into this opportunity to export their services to other countries.
15. Energy Security: Oil and gas servicing industry plays a vital role in ensuring energy security in Nigeria and Africa, providing the needed energy for industries, households, and other sectors to function effectively.

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Business Opportunities In The Oil and Gas Servicing Company Business In Nigeria and Africa

1. Oil and gas drilling services: This involves providing drilling equipment, personnel, and expertise for exploration and production companies.
2. Pipeline construction and maintenance: This includes building and maintaining pipelines for the transportation of crude oil and natural gas.
3. Offshore rig maintenance: This involves the maintenance of offshore rigs to ensure that they are in good working condition.
4. Subsea engineering services: This involves designing, building, and maintaining subsea equipment and systems for the oil and gas industry.
5. Engineering, procurement, and construction (EPC) services: This involves designing, procuring, and constructing large-scale oil and gas projects, such as refineries, pipelines, and LNG plants.
6. Environmental and safety consulting: This includes providing consulting services to oil and gas companies on environmental and safety issues.
7. Inspection and testing services: This involves providing inspection and testing services for oil and gas equipment and infrastructure.
8. Logistics and transportation services: This includes providing transportation and logistics services for oil and gas companies, such as trucking, shipping, and warehousing.
9. Chemical supply and management: This involves supplying and managing the chemicals used in the oil and gas industry, such as drilling fluids and production chemicals.
10. Training and development: This includes providing training and development services for oil and gas workers, such as safety training and skills development.
11. Project management services: This involves managing large-scale oil and gas projects from start to finish.
12. Consulting and advisory services: This includes providing consulting and advisory services to oil and gas companies on a wide range of issues, such as market analysis, regulatory compliance, and risk management.
13. Maintenance and repair services: This involves providing maintenance and repair services for oil and gas equipment, such as pumps, compressors, and turbines.
14. Technology and innovation services: This includes developing and implementing new technologies and innovations in the oil and gas industry, such as digitalization and automation.
15. Waste management services: This involves providing waste management services for the oil and gas industry, such as the disposal of drilling waste and the management of hazardous materials.

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Facts About The Oil and Gas Servicing Company Business In Nigeria and Africa

1. Oil and gas servicing companies in Nigeria and Africa provide specialized services such as drilling, engineering, maintenance, and transportation to the oil and gas industry.
2. Nigeria is the largest oil producer in Africa, with an estimated 37.2 billion barrels of proven oil reserves.
3. In Africa, oil and gas servicing companies play a significant role in ensuring that the oil and gas industry remains operational and sustainable.
4. The oil and gas servicing industry in Nigeria and Africa is highly competitive, with both local and international players vying for market share.
5. The industry provides employment opportunities for a significant number of people, including engineers, technicians, and other skilled professionals.
6. Oil and gas servicing companies in Nigeria and Africa are subject to stringent regulatory frameworks that govern their operations.
7. The growth of the industry is heavily dependent on the exploration and production activities of the upstream sector of the oil and gas industry.
8. Technological advancements have played a crucial role in improving the efficiency and effectiveness of oil and gas servicing operations in Nigeria and Africa.
9. Oil and gas servicing companies in Nigeria and Africa have also diversified into other sectors such as power generation, renewable energy, and telecommunications.
10. The industry is exposed to a range of risks, including operational risks, market risks, financial risks, and geopolitical risks.
11. The COVID-19 pandemic had a significant impact on the oil and gas industry, leading to a drop in demand and lower prices.
12. The Nigerian Content Development and Monitoring Board (NCDMB) plays a critical role in promoting the participation of Nigerian companies in the oil and gas industry.
13. Oil and gas servicing companies in Nigeria and Africa are increasingly focused on sustainability and environmental protection.
14. The industry is characterized by high capital expenditure, with significant investments required in equipment, technology, and human resources.
15. Local content laws and regulations have been enacted in several African countries, promoting the participation of local companies in the oil and gas industry.
16. Oil and gas servicing companies in Nigeria and Africa face significant challenges such as insecurity, corruption, and inadequate infrastructure.
17. The industry is subject to fluctuations in oil prices and other global economic factors.
18. Nigeria and other African countries are seeking to diversify their economies away from oil and gas, which may impact the growth of the industry.
19. Joint venture agreements between international and local companies are common in the oil and gas servicing industry in Nigeria and Africa.
20. The industry is characterized by a high degree of technical complexity and specialization, requiring significant investments in research and development.
21. The use of data analytics and artificial intelligence is becoming increasingly important in the oil and gas servicing industry in Nigeria and Africa.
22. Oil and gas servicing companies in Nigeria and Africa are often required to provide training and skills development opportunities for local communities.
23. The industry is subject to various taxes, royalties, and other fees imposed by government agencies.
24. The oil and gas servicing industry in Nigeria and Africa is heavily dependent on foreign investment and technology.
25. The growth of the industry is closely linked to the overall economic performance of Nigeria and other African countries, which are subject to a range of political and economic factors.

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Types Of Oil and Gas Servicing Company Businesses In Nigeria and Africa

Oil and gas servicing is a broad sector that encompasses different types of businesses providing various services to the oil and gas industry in Nigeria and Africa. Here are some of the common types of oil and gas servicing businesses in the region:

1. Drilling services: These companies offer services related to drilling activities such as drilling equipment rental, well planning, drilling fluid management, and well site management.
2. Engineering and construction services: These companies provide design, engineering, and construction services for oil and gas facilities including pipelines, refineries, and production platforms.
3. Maintenance and repair services: These companies provide maintenance and repair services for oil and gas equipment and facilities including mechanical, electrical, and instrumentation repairs.
4. Pipeline and Flowline Services: Oil and Gas servicing companies provide pipeline and flowline services such as installation, maintenance, and repair.
5. Transportation services: These companies specialize in the transportation of crude oil and natural gas via pipelines and tankers.
6. Environmental services: These companies provide environmental services to oil and gas companies, including oil spill response, waste management, and environmental impact assessments.
7. Inspection and testing services: These companies provide inspection and testing services for oil and gas equipment and facilities to ensure compliance with industry standards.
8. Consultancy Services: Oil and Gas servicing companies provide consultancy services such as environmental impact assessment, health and safety assessment, and risk assessment.
9. Training Services: Oil and Gas servicing companies provide training services to the Oil and Gas industry. These services include safety training, technical training, and leadership training.
10. Seismic and geophysical services: These companies offer services related to the study of subsurface geology and reservoirs, such as seismic imaging and data analysis.
11. Procurement and supply services: These companies specialize in the procurement and supply of equipment, materials, and supplies to oil and gas companies.

Overall, oil and gas servicing businesses play a critical role in the oil and gas industry in Nigeria and Africa, providing essential services and support to upstream, midstream, and downstream activities.

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The Peak Season For The Oil and Gas Servicing Company Business In Nigeria and Africa

As a service-based industry, the peak production, supply and demand season for Oil and Gas Servicing Company Business in Nigeria and Africa is largely dependent on the needs and activities of the upstream and downstream sectors of the oil and gas industry. Generally, there is a high demand for oil and gas services during the exploration and drilling phase, which often takes place in the dry season. This period usually falls between November and April in Nigeria and other parts of West Africa.

In addition, maintenance and repair services for oil and gas facilities are also in high demand during the low production season, which occurs between June and September. During this period, oil and gas companies often shut down some of their production facilities for maintenance and upgrades. This provides a window of opportunity for oil and gas servicing companies to offer their services and gain significant profits.

It is important to note that the demand for oil and gas servicing may vary depending on market conditions, government policies, and global events such as oil price fluctuations and geopolitical tensions.

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How To Start The Oil and Gas Servicing Company Business In Nigeria and Africa: Step-By-Step Guide

Starting an Oil and Gas Servicing Company Business in Nigeria and Africa requires a comprehensive understanding of the industry and adherence to legal requirements. Here is a step-by-step guide on how to start an Oil and Gas Servicing Company Business:

1. Research and develop a business plan: Conduct market research to determine the viability of your business idea. Develop a comprehensive business plan that includes financial projections, marketing strategies, and operational processes.
2. Register your business: Register your business with the Corporate Affairs Commission (CAC) and obtain necessary permits from regulatory bodies such as the Department of Petroleum Resources (DPR).
3. Secure funding: Determine the capital requirements for your business and secure funding from investors, financial institutions, or government agencies.
4. Acquire necessary equipment: Acquire the necessary equipment such as trucks, cranes, and drilling equipment, among others.
5. Hire skilled staff: Recruit qualified personnel such as engineers, technicians, and administrative staff.
6. Establish partnerships: Establish partnerships with other players in the industry to expand your business network.
7. Develop a marketing strategy: Develop a marketing strategy to promote your business and attract clients.
8. Maintain compliance: Adhere to industry standards and regulations, including health and safety regulations.

Starting an Oil and Gas Servicing Company Business requires significant investment, expertise, and commitment. However, with proper planning and execution, it can be a profitable venture in Nigeria and Africa.

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Types Of Equipment & Tools Used In The Oil and Gas Servicing Company Business In Nigeria or Africa

Here are some of the equipment used in Oil and Gas Servicing in Nigeria and Africa:

1. Drilling rig: A drilling rig is used to drill wells for oil and gas exploration. It is a complex machine that includes a derrick, a draw works, and a drill string.
2. Wellhead equipment: Wellhead equipment is used to control the flow of oil and gas from a well. It includes valves, chokes, and other equipment that are mounted on the wellhead.
3. Subsea equipment: Subsea equipment is used in deepwater drilling operations. It includes wellheads, manifolds, and other equipment that is installed on the seafloor.
4. Compressors: Compressors are used to compress natural gas for transport and storage.
5. Pipelines: Pipelines are used to transport oil and gas from production sites to refineries and other processing facilities.
6. Separators: Separators are used to separate oil, gas, and water from the wellstream.
7. Storage tanks: Storage tanks are used to store oil and gas before it is transported to refineries or other processing facilities.
8. Pumps: Pumps are used to move oil and gas through pipelines and other transport systems.
9. Valves: Valves are used to control the flow of oil and gas through pipelines and other transport systems.
10. Metering equipment: Metering equipment is used to measure the volume and flow rate of oil and gas.

These are just some of the equipment used in Oil and Gas Servicing in Nigeria and Africa. The specific equipment needed will depend on the type of operation and the specific requirements of each project.

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Target Market For The Oil and Gas Servicing Company Business In Nigeria or Africa

1. Oil and Gas Exploration Companies: These companies are the primary customers of Oil and Gas Servicing businesses in Nigeria and Africa, as they require a wide range of services to explore and extract oil and gas from the ground.
2. Oil and Gas Production Companies: These companies are responsible for producing oil and gas from the reserves identified by exploration companies, and require a range of services to maintain and improve their production output.
3. Refineries: Refineries are another key customer for Oil and Gas Servicing businesses, as they require services to maintain and upgrade their facilities to ensure efficient processing of crude oil into refined products.
4. Petrochemical Companies: Petrochemical companies use crude oil and natural gas as feedstocks to produce a range of chemicals, plastics, and other materials, and require a range of services to maintain and improve their production processes.
5. Power Generation Companies: Many power generation companies in Nigeria and Africa use natural gas to generate electricity, and require services to maintain and improve their gas-fired power plants.
6. Transport Companies: Transport companies, including airlines, shipping companies, and trucking companies, rely on oil and gas products to power their vehicles and equipment, and may require services such as fuel storage and distribution.
7. Government Agencies: Government agencies, including national oil companies and regulatory bodies, may require services from Oil and Gas Servicing companies to support their operations and ensure compliance with regulations.
8. Private Individuals: Private individuals who own or operate oil and gas assets may require services from Oil and Gas Servicing companies to maintain and improve their facilities.

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How To Market An Oil and Gas Servicing Company Business In Nigeria or Africa

1. Attend industry conferences and exhibitions: Participate in relevant conferences and exhibitions in the oil and gas industry in Nigeria and Africa to showcase your company’s services.
2. Create a website: Develop a professional website that showcases your services and includes contact information for potential clients.
3. Leverage social media: Use social media platforms to promote your company’s services and engage with potential clients.
4. Network with industry players: Build relationships with key players in the oil and gas industry to generate referrals and increase visibility.
5. Offer competitive pricing: Develop pricing strategies that are competitive and attractive to potential clients.
6. Advertise in industry publications: Place advertisements in relevant industry publications to reach potential clients.
7. Partner with other businesses: Collaborate with other businesses in the oil and gas industry to offer complementary services and reach new clients.
8. Attend trade shows: Attend trade shows to meet potential clients and showcase your services.
9. Cold calling: Contact potential clients directly to pitch your services.
10. Email marketing: Develop targeted email campaigns to reach potential clients and showcase your services.
11. Develop case studies: Highlight successful projects and showcase your company’s expertise through case studies.
12. Offer referral incentives: Offer incentives to current clients for referring new business to your company.
13. Develop a strong brand: Develop a strong brand that reflects your company’s values and expertise in the oil and gas industry.
14. Participate in industry forums: Participate in online forums related to the oil and gas industry to engage with potential clients and showcase your expertise.
15. Invest in search engine optimization: Optimize your website and content for search engines to increase visibility and generate leads.
16. Host webinars: Host webinars on topics relevant to the oil and gas industry to generate leads and showcase your expertise.
17. Use targeted advertising: Use targeted advertising to reach potential clients on social media and other platforms.
18. Develop educational content: Develop educational content such as blog posts and whitepapers to showcase your expertise and attract potential clients.
19. Utilize video marketing: Use video marketing to showcase your services and expertise in the oil and gas industry.
20. Participate in industry associations: Join relevant industry associations and participate in events and committees to network with potential clients and showcase your expertise.
21. Host networking events: Host networking events for potential clients and industry players to showcase your company’s services.
22. Utilize influencer marketing: Partner with influencers in the oil and gas industry to reach new audiences and showcase your services.
23. Develop strategic partnerships: Develop strategic partnerships with other businesses in the oil and gas industry to expand your reach and offer complementary services.
24. Utilize customer testimonials: Use customer testimonials and reviews to showcase your company’s expertise and attract potential clients.
25. Invest in content marketing: Develop high-quality content such as articles, videos, and infographics to attract potential clients and showcase your expertise in the oil and gas industry

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Challenges Of The Oil and Gas Servicing Company Business In Nigeria and Africa

1. Regulatory challenges: Oil and Gas Servicing Company Business in Nigeria and Africa is subject to regulations and policies that may vary across different regions and countries, making it difficult to navigate.
2. Infrastructure challenges: The lack of adequate infrastructure such as roads, power, and ports, can hinder the transportation of equipment and personnel to remote locations.
3. Technological challenges: The rapid evolution of technology in the Oil and Gas industry creates a challenge for companies to keep up with the latest developments.
4. Security challenges: Oil and Gas Servicing Company Business in Nigeria and Africa is often situated in volatile regions where security is a major concern.
5. High competition: The Oil and Gas industry is highly competitive, with a large number of players competing for the same customers.
6. High capital requirements: Oil and Gas Servicing Company Business in Nigeria and Africa is a capital-intensive business, requiring significant investment in equipment, technology, and human resources.
7. Currency exchange risks: Fluctuations in exchange rates can affect the profitability of the business.
8. Price volatility: The price of oil and gas is volatile, which can affect the demand for services in the industry.
9. Environmental regulations: Oil and Gas Servicing Company Business in Nigeria and Africa is subject to environmental regulations, which can be strict and costly to comply with.
10. Health and safety risks: The Oil and Gas industry is associated with high-risk activities, such as drilling and exploration, which can pose health and safety risks to employees.
11. Political instability: The Oil and Gas industry is sensitive to political instability, which can lead to changes in policies, regulations, and even nationalization of assets.
12. Workforce management: Attracting and retaining a skilled workforce can be challenging due to the specialized nature of the industry.
13. Price negotiation: The process of negotiating prices for services can be complex and time-consuming.
14. Seasonal demand: The demand for Oil and Gas Servicing Company Business in Nigeria and Africa is often seasonal, with activity increasing during peak production seasons.
15. Supply chain disruptions: The supply chain for Oil and Gas Servicing Company Business in Nigeria and Africa can be disrupted by unforeseen events such as natural disasters, political unrest, and pandemics.
16. Dependent on oil prices: The profitability of the business is heavily dependent on the price of oil and gas.
17. Government policies: Changes in government policies can affect the profitability of the business, particularly regarding taxes and subsidies.
18. Technological limitations: Limited access to technology or inadequate infrastructure can limit the capacity of Oil and Gas Servicing Company Business in Nigeria and Africa to provide quality services.
19. Limited access to finance: Access to finance can be a challenge, particularly for small and medium-sized enterprises in the Oil and Gas industry.
20. Limited market size: The size of the market for Oil and Gas Servicing Company Business in Nigeria and Africa can be limited, particularly in remote areas.
21. Competition from international players: International players may have a competitive advantage due to their advanced technology, experience, and resources.
22. Limited local content: The lack of local content can hinder the development of the industry, particularly in terms of skills development and technology transfer.
23. High taxes and duties: The Oil and Gas industry is subject to high taxes and duties, which can affect the profitability of the business.
24. Limited access to technology: Limited access to technology can limit the capacity of Oil and Gas Servicing Company Business in Nigeria and Africa to provide quality services.
25. Limited research and development: Limited investment in research and development can limit the growth and development of the industry.

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To Sum It Up

The Oil and Gas Servicing industry in Nigeria and Africa is a significant contributor to the region’s economic growth, providing employment opportunities, boosting foreign exchange earnings, and enhancing the energy sector’s efficiency. The industry has a wide range of business opportunities and offers numerous benefits to the economy and society, including increased revenue generation, capacity building, and technological advancement.

Starting an Oil and Gas Servicing Company requires a significant amount of investment and expertise, but the rewards can be substantial if done correctly. Developing a strategic marketing plan and identifying target customers are essential to the success of the business, as is ensuring compliance with industry regulations and standards.

However, the industry also faces numerous challenges, including competition from foreign firms, inadequate infrastructure, and environmental concerns. Nevertheless, with the right policies and support from the government, the Oil and Gas Servicing industry has the potential to become a major economic driver in Nigeria and Africa.

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