SPE unfolds strategies to withstand low oil prices

The Society of Petroleum Engineers (SPE) has unveiled strategies to weather the current low oil prices in the sector.The Lagos section chairman for SPE, Ernest Mkpasi, disclosed this during its yearly general meeting, board inauguration and awards night in Lagos.

“We organised a maiden workshop on strategies to weather the current low oil prices and implemented efficiency measures like increasing the number of webinars to minimise cost and reduce time required for members,” he said.

During the event, new section board members were introduced and cash prices were awarded to outstanding students in a Catch Them Young (CTY) examination with the purpose of helping students understand the application of scientific principles in the oil and gas industry.

He said the SPEs vision is to share technical knowledge needed to meet the world’s energy needs.“Our key strategy involved continuing with existing technical and other programs including those for young professional, university students and the basic publics education in spite of the reduced funding to society occasioned by industry cost-cutting amid the prevailing global low oil prices,” he said.

Furthermore he spoke on the pervious board that focused on the young profession programme (YP) while considering the strategic importance of the YP population in scheme of things in the industry. “Other than the technical programs, the developing the right competences for career success webinar, the managing career transition and tapping into the world’s greatest super-computer workshop were targeted at the YP’s and the area of support to the student’s chapters under SPE’s purview: Covenant university, LASU, UNILAG, OAU and UI. “Our members delivered lectures during their annual SPE week while the students were invited to our technical meetings to help them in building the much needed for them to excel in the industry. Efforts are ongoing to register the student chapters of Ladoke Akintola and federal university of Tech Akure.”