NNPC Has Made Significant Progress In Improving Operational Efficiency Through The Adoption Of Technology - Kyari

The Nigeria National Petroleum Corporation has made significant progress in improving operational efficiency through the adoption of Technology.

This was revealed by the Group Managing Director of NNPC, Mele Kyari during his Goodwill address at the 38th Annual Nigerian Association of Petroleum Explorations Virtual International Conference and Convention.

"NNPC has made significant progress in improving operational efficiency through the adoption of technology and deliberate effort to curtail soaring cost of operations across strategic assets, Kyari said.

He further reiterated, "As a National Oil Company, our response to situation like this (COVID-19) is not to shut down operations owing to the linear relationship between the oil industry & our Nation’s economy. What first come to mind is how to survive & sustain our operations.

"For us today, sustaining operations & making progress means improving  efficiency, reducing costs, eliminating wastages, entrenching Accountability, acting with Transparency & embracing technology/innovation to drive Performance & realize value across strategic investment portfolios.

"It is instructive to understand that the current market reality can’t support inefficiency and escalated costs of operations. The era of $30/bbl oil no longer exist. I therefore urge you to continue to demonstrate professional commitment to help the industry survive"

"Let me appreciate the good work/resilience of NNPC's in-house professionals in the ongoing inland basins exploration activities that culminate to recent discovery of hydrocarbons in Gongola basin. We're proud that it is #NAPE members that are spearheading this effort, he concluded.

In his remark, Nigerian Association of Petroleum Explorations President, Mr. Alex Tarka, was of the view that oil and gas will continue to be fuels of choice for the foreseeable future and conventional and unconventional hydrocarbons are likely to remain the main component of the energy mix needed to meet the growing global energy demand in the next five decades.

He said, “In the coming period, technological innovations will be critical not only in ensuring the supply of affordable hydrocarbons, but in mitigating the environmental impact of hydrocarbon exploration, production and utilization.”

Nigeria is at risk of long-term disruption to oil and gas supplies, power generation, a collapse of industries and significant loss of revenue due to continued reduction in hydrocarbon exploration activities. Reduction in hydrocarbon exploration and exploitation has dire consequences for a country like Nigeria with a mono-economy hinged on crude oil.

Tarka stated further that technology is the heart of all the significant achievements in the oil and gas industry. The way hydrocarbon is discovered, developed and produced, has been impacted by evolutionary technologies that have emerged since the Drake well of 1859. But the challenge is how far Nigeria has travelled down the technology road.

The theme of the conference is “Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities.”

The sub-themes of the Conference include: Accelerating Nigeria’s Reserves Growth Opportunities, Novel Concepts and Approaches in Geophysics, Petroleum System Studies and Integrated Reservoir Modeling, Emerging Technologies and Current Applications in Exploration and Production, Energy Mix and Transition, Health, Safety, Security and Environment, Talent Management, Capacity Building and the Next Generation of E & P Leaders.