“…Every government policy that promotes exploration is a good thing, as the PIA has done a good job in highlighting exploration”
The challenges undermining the attainment of production targets notwithstanding, the Nigerian Association of Petroleum Explorationists (NAPE) has advocated the adoption of innovative technology in hydrocarbon exploration and production.
According to the professionals, 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.
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.
Nigeria’s crude production has remained below the Organisation of Petroleum Exporting Countries (OPEC) quota in the last few months, owing to vandalisation and operational concerns.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, had assured that Nigeria would meet the three million barrels per day quota allocated to the country by OPEC, even though production challenges persist.
NAPE President, Mrs Patricia Ochogbu, preparatory to the Association’s 39th Annual International Conference and Exhibition (AICE), noted that lingering challenges informed the basis of the deliberation, particularly with the implementation of the Petroleum Industry Act (PIA).
According to her, every government policy that promotes exploration is a good thing, as the PIA has done a good job in highlighting exploration.
She however noted 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.
“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”, she added.
Themed “Petroleum exploration and production in a new world: What next after the global crises” and scheduled for November14-18, 2021, in Lagos, Ochogbu 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.
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.
SOURCE: TheGuardian