Energy Industry stakeholders have suggested the adoption of low carbon technologies and mass data across all operations in the oil and gas value chain as some of the measures required for Nigeria to address its energy crisis.
They made this known at the ongoing ongoing 5th Nigeria International Energy Summit in Abuja on Thursday monitored by EnergyDay.
According to them the country can adopt some of these strategies to meet its energy needs, increase its hydrocarbon reserves and solve issues such as scarcity of petroleum bedeviling the country.
Huub Stokman , Managing Director /Chief Executive Officer , OVH Energy , at the panel session of Midstream and Downstream Leaders, asked the Federal Government to use the lessons of ongoing fuel scarcity to prepare a back up plan for petrol sufficiency.
He said, ‘Nigeria must learn from the recent happenings of the bad fuel as a learning curve to always prepare a back up plan even when we finally have our refineries”
He however called for the deregulation of fuel production sector adding if that happens , the consumers will expect value for money and will no longer tolerate negatives in the sector.
Engr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) who spoke at a panel session on “Data to Barrel” said , Nigeria must make haste to harness fossil fuel energy while its still relevant adding that the upstream industry was facing challenges that require the need for mass data in high-precision reservoir modelling and surveillance.
He said, ” According to U.S. Energy Information Administration (EIA), Petroleum energy remains the largest source of energy, though its share of world marketed energy is in decline from 33 per cent in 2015 and projected at 31 per cent in 2040.
“With this huge opportunity, the key challenge is using mass data to meet Nigeria’s energy needs and increase proven reserves by ensuring that our oil and gas resources are not left behind in the subsurface without being beneficial in a timely manner for the Nation.
“Consequently, superb computing power, high-performance storage capacity, powerful and integrated mapping applications are required to be able to turn big data into barrels and value for money.
“Hence, the key challenge for service providers in producing oil companies is to demonstrate the value that gathering additional data will bring to the asset.
“So, it is not just about gathering more data, but equally about the Value of the Information (VOI) from the data gathered,” he said.
According to him, the development and use of Artificial Intelligence (AI), through generating new and robust mapping applications, requires big data and supercomputing technology.
He said this helps to decide investment in the right prospects, development of a robust Field Development Plan (FDP), drilling and completions in safe and cost-efficient operations, all in order to optimise production and meet daily deliverables.
“Big data only makes sense when it leads to safer operations, cost efficiency, and increased profit margins,” Komolafe noted.
He said the NUPRC has taken technological advancements into consideration in its work processes.
Komolafe said currently, the Technological Adaptation Unit within Engineering and Standards Department engages service providers on new technologies that could be implemented in the Nigerian Petroleum Industry.
Engr. Farouk Ahmed, Chief Executive , Nigerian Midstream and Downstream Petroleum Regulatory Authority,(NMDPRA)
in a paper presented in his behalf by Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage & Retailing Infrastructure, NMDPRA challenged stakeholders in the energy sector to
adopt strategies to address the country’s energy needs.
He said, ” Adoption of low carbon technologies across all operations in the oil and gas value chain, deepening and penetration of natural gas utilization domestically are key issues needed by the country to increase energy sufficiency and reduce energy poverty and invest conscientiously in cleaner fuels and renewables.
He said, “The World Bank and IMF have projected that the Nigerian economy will grow by 2.1-2.5% through 2022, and this progress will be driven by Energy.
“The resource size of Nigeria puts the county at an enviable position within the comity of global hydrocarbon producers as even in this era of global energy transition, the Oil & Gas sector still remains pivotal to the Nigerian economy since it provides the needed cash flow for the functioning of other sectors of the economy.
“Presently, there is a global outcry to end the use of fossil fuels in order to reduce global carbon dioxide emissions and achieve carbon neutrality by 2050. It therefore means as a Nation, we are at a race against time if we are going to derive maximum value from our hydrocarbon resource and secure Nigeria’s energy future.
“While reducing investment in hydrocarbon ventures may seem like right incentive for energy transition, current statistics indicates that this would not guarantee global energy security in the near future, especially as the world population increases vis a vis energy demands compared to renewable energy technologies maturation in terms of affordability and commerciality. It is therefore imperative that we all build a consensus to adopt a more inclusive approach that would consider all these variables,” NDMPRA ES concluded.