Kunle Kalejaye 10 August 2016, Sweetcrude, Lagos – International Oil Companies, IOCs, and indigenous operators in Nigeria have been urged to adapt a new mode of operation in order to survive the downturn in the industry.
The oil and gas industry is facing global price decline, with Nigeria specifically challenged by restiveness in the oil-rich Niger Delta region.
According to Mr. Nathan Meehan, the 2016 Society of Petroleum Engineer, SPE, President and Senior Executive Adviser at Baker Hughes, operators could use innovation and technology to do things more radically.
Meehan, who stated this during the 40th SPE international annual conference in Lagos, said industry players could meet today’s need without compromising the future ability of the next generation to meet their need.
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, and eliminate oil spills.
The 2016 SPE president also advised operators to renegotiate with contractors working on existing projects and new ones.