Yemisi Izuora
Adoption of new technologies have been identified as one of the options Nigeria should encourage to sustain and scale up its crude oil production.
To this end the Nigerian Association of Petroleum Explorationists (NAPE), said its upcoming conference would exhibit latest innovations in the Industry to help the country achieve its production target.
Nigeria had through the Minister of State for Petroleum Resource, Timipre Sylva, sought from the Organization of Petroleum Exporting Countries, OPEC, for upward review of the country’s production quota.
However, underinvestment and maintenance problems have stymied efforts by Nigeria to raise output, an issue that is expected to continue impacting the country in the near future.
The Association said that technological innovations will be critical not only in ensuring the supply of affordable hydrocarbons, but also in mitigating the environmental impact of hydrocarbon exploration, production and utilisation, and therefore advocated the adoption of innovative technology in hydrocarbon exploration and production.
President of the Association Mrs Patricia Ochogbu, speaking ahead of its 39th Annual International Conference and Exhibition (AICE), with the theme, “Petroleum exploration and production in a new world: What next after the global crises” said the conference will showcase the latest technologies, products, services and competencies from major IOCs and indigenous operators in the upstream sector of Nigeria’s oil and gas industry.
The conference is scheduled from November14-18, 2021, in Lagos.
According to her, the lingering challenges informed the basis of the deliberation, particularly with the implementation of the Petroleum Industry Act (PIA).
She said that every government policy that promotes exploration is a good thing, as the PIA has done a good job in highlighting exploration, adding that the challenge was getting people to invest in the industry, especially in an era of energy transition.
“The rising demand for energy across the globe due to increase in population, economic development and prosperity has continued to alter the complexion and complexity of the global energy space. The unprecedented COVID-19 pandemic and its impact are redefining the economic, social, and political aspects of the global energy matrix.
“The recently passed Petroleum Industry Act (PIA) represents the most comprehensive review of the legal framework for the oil and gas sector in Nigeria since the industry began commercial operations in the 1960s. E & P companies must brace up for the opportunities and challenges aspects of the PIA present in the new era.”
Continuing she said, “Nothing good comes easy. The petroleum industry has evolved over time. Energy transition is real and upon us. We need to take the realities into consideration”.
President-Elect, Dr James Edet, highlighted the need to have in place enablers so that investors can be confident to invest in the economy.
“Without confidence in the economy, investors cannot invest. We are competing with neighbouring countries. For us to continue and survive, the enablers have to be put in place. We need to be more clinical in dealing with the challenges. Embracing gas is very critical, especially as the world looks to cleaner energies”, he added.
The association’s vice president, Johnbosco Uche said the government has a role to play in the industry, considering the opportunities availed by the rising population for gas consumption.
They expressed concerns about the industry’s readiness to adapt and meet the expected challenges of the next decade, considering that oil and gas would remain relevant for the foreseeable future.
