Stakeholders explore AI, big data to check energy challenges at NAICE
Preparatory to the 2019 edition of the Nigeria Annual International Conference and Exhibition (NAICE), stakeholders have expressed optimism of unveiling solutions to recurring issues of oil pipeline vandalization and technical challenges in the oil exploration and production sector.
Leveraging insights from artificial intelligence, big data and mobile technology, stakeholders in the industry noted that the forum will focus on collecting and encouraging the dissemination of technical knowledge and technologies related to the oil and gas industry as well as to provide an E&P market place for Sub-Sahara Africa.
Chairman, Society of Petroleum Engineers (SPE) Nigeria Council, Debo Fagbami, yesterday at a press briefing, explained that the forum seeks to explore available data to proactively address technical issues affecting the oil and gas sector.
Themed, “Artificial Intelligence, dig data and mobile technology: Changing the future of the energy industry” and scheduled to hold in Lagos between August 5-7, Fagbami explained that stakeholders will address issues bordering on digital transformation & emerging trends in artificial intelligence; intersection of information and energy technologies, with focus on empowering women for digital age, among other issues.
Indeed, the nation’s ability to earn substantial revenue from its oil and gas resources to finance its fiscal responsibility is being hampered by continued vandalisation of its assets as losses from attacks hit an average of 11,000 barrels per day from oil majors and at least $2 billion from the recurring Nembe Creek Trunkline (NCTL) vandalism in the last four years.
At $66.79 per barrel based on the OPEC basket price, Shell’s loss of 11,000 bpd averages $268 million yearly from such illegal activities, outside losses suffered by other operators.
The losses are sufficient to fund critical ministries under the 2019 budget. Fagbami explained that while the vandalization challenge in the exploration and production industry is not about where the vandalism is taking place, addressing the issue with analytical data remains key.
With the recent vandalization of oil assets in Ijegun area of Lagos State, operators have called on oil firms and the NNPC to review strategies deployed in protecting oil assets by deploying technology as a solution.
“The industry has been generating data in the last seven years. Big data will help us to scrutinize the available information as well as offer opportunities to address challenges in the industry. This and other issues are what the conference seeks to address”, Fagbami added.
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