A Review of the Nigerian Energy Industry

Century Group unveils solutions to managing declining oil prices

25 May 2015, Lagos – Century Group (CG), a global consortium actively involved in oil and gas sector in the Nigerian and West African sub region has unveiled two strategic solutions aimed at helping oil and gas operators maximise their resources and sustain profitability even in the face of the crisis occasioned by the fall in oil prices.

The two solutions; Intelligent Production Operations Technology (IPO) and Incremental Oil on Risk Services (IORS) according to a statement by the company are effective strategies designed to enable exploration and production companies increase production while keeping their Opex low even with the continued volatility in global oil prices.

The adoption of these solutions the company believes will ensure oil and gas operators are able to withstand the storm and emerge from it even stronger. Commenting about the set of solutions Ken Etete, Chief Executive Officer of Century Group, noted that: “The drop in oil price has had profound negative impact on both the global economy and the industry.

The Survivors will be those companies who are able to promptly adopt a change in strategy critical among which is the ability to reduce the cost of production whilst maximizing value inherent in their assets by not reducing the volume of produced crude/day. The advantages will be a rapid and seamless development of assets, reduction of project delivery time, generation of short and long term revenue.



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