Business News

Innovation, technology remain key to transforming oil and gas sector, says Kari

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has maintained that innovation and technology are key drivers to transforming the oil and gas sector and by extension improving the nation’s economy.

Mr Kyari, who was the special guest of honour at the 37th Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, charged oil and gas professionals in the Country to embrace the culture of innovation, adding that the exploits and successes in the Upper Benue trough were achieved through the deployment of the most recent techniques and technologies.

“It is instructive to highlight that our exploits and successes in the Upper Benue trough were achieved through the deployment of the most recent techniques and technologies and the efforts of our in-house geoscientist and other petroleum experts.”

He reiterated that “for the Industry to be transformed, professionals in the sector must collaborate and make digitalization a priority, invest in human capital development programmes, optimize the use of Industry data platforms as well as invest in the oil and gas collaborative ecosystem.”

Capital

According to the GMD, NNPC was committed to leading the change in transforming the sector through various initiatives and partnerships in the roadmap to becoming an integrated energy corporation delivering value to its various shareholders.

“As part of our current strategy, NNPC will strive to grow our reserves, increase oil production, rehabilitate the refineries, ensure availability of petroleum products and attain net exporter status,” the GMD stated.

According to Kyari, the Industry must urgently take advantage of the opportunities derived from big data digitalization and emerging new technologies in the course of its operations.

The GMD, who described the recent amendment made to the nation’s Deep Offshore Act (DoA) as long overdue, said there was nothing to worry about by any stakeholder in the Industry.

He maintained that Nigeria remained a viable option for investors as the success rate for finding oil are very high, especially in the Niger Delta region.

Access Bank Plc appoints Ajoritsedere Awosika Board Chairman

He called on Industry stakeholders to support the government towards the passage of the Petroleum Industry legislation which he described as necessary for stable and sustainable investment thrive.

He said with the reality of reserves depletion in the country, there was the need for NAPE to galvanize Industry leaders and partners to embrace exploration for more oil and gas reserves and for the members to deploy their abilities to ensure successful campaigns.

Speaking earlier, NAPE President, Ajibola Oyebamiji, commended NNPC for its success in oil exploration in the Gongola basin, a development which he said had challenged exploration professionals in the Country to work harder towards contributing their quota in the quest to grow the nation’s reserves.

He also called for the speedy passage of the Petroleum Industry Bill to enable clear roles for all stakeholders, attract investment and make businesses thrive.

“Our reserves and production targets will be very difficult to meet when such enabling policies are not in place,”

Oyebamiji, noted that, “It is of critical importance for government, policymakers and all stakeholders to have the necessary knowledge of how such technological changes can be deployed and sustained in developing countries (Nigeria inclusive).”

“The development of relevant technologies suited to the Nigerian market should be seen as a key driver in guaranteeing energy security and diversification thereby boosting industrial development,” he said.

About the author

Ihesiulo Grace

Leave a Comment