…Renegotiate with contractors
04 August 2016, Sweetcrude, Lagos — International Oil Companies, IOC’s and Indigenous Operators in Nigeria have been urged to change and adapt to the new mode of operation in order to survive the downturn in the industry.
The oil and gas industry has recently been characterised by a free fall of global oil prices, and restiveness in Nigeria’s oil-rich region, the Niger Delta.
This according to Mr. Nathan Meehan, the 2016 Society of Petroleum Engineer, SPE President, and Senior Executive Adviser at Baker Hughes, can be done by using innovation and technology to do things more radically.
Mr. Meehan who stated this during the 40th SPE international annual conference held in Lagos said industry players can meet today’s need without compromising the future ability of the next generation.
He explained that doing things differently in a radical manner with innovation and technology will cushion the effect during the downturn period.
Meehan added that innovation and technology when properly harnessed by operators will result in energy efficiency, reduce methane emission, gas flaring, ensure wellbore, and eliminate oil spills.
The 2016 SPE President also advised operators to renegotiate with contractors working on existing projects and new ones.