SPE to discuss production cost, regulation challenges at forum
As prices of crude oil prices remained low forcing many companies to engage in different strategies to be relevant in the sector, the Society of Petroleum Engineers, Nigeria Council (SPE), has said that discussions at the 2017 conference will focus on key areas that contribute directly to production costs, from the perspectives of the regulators, operators and service providers with a view to take forward the shared best practices.
The Chairman, SPE Nigeria Council, Dr. Saka Matemilola, said the Nigeria Annual International Conference and Exhibition had in its over 40 years grown to become the largest oil and gas event in Africa focused on upstream technical knowledge.
He said NAICE had sustained its tradition as a platform for discussion of pertinent issues across the oil and gas industry and had generated thought-provoking ideas that had shaped policies and practices for the industry.
With the theme, ‘Riding the waves of boom and bust: Common objectives, diverse perspectives,’ this year’s edition is slated to hold in Lagos from July 31 to August 2.
Matemilola said at a briefing in Lagos that the theme would X-ray different stakeholders’ perspectives for addressing the challenges facing the industry currently.
He said, “This is not the first time we have had downturn in the industry. But each time it comes, we all react differently. It affects everybody.”
He said the current trend of oil price had shown that “we should be looking at a ‘lower for longer’ operating model.
“Thus, we will encourage discussions on key areas that contribute directly to production costs, from the perspectives of the regulators, operators and service providers, with a view to taking forward the shared best practices.
“What are the latest technologies that are available that will ensure that companies survive? What do we do to weather the storm, to ensure that we remain relevant and that the next cycle doesn’t catch us unawares? What do the regulators need to do to support?”
Matemilola said a number of plenary sessions during the conference had been designed to dissect the theme, further providing opportunities for a diverse team of industry technocrats and heads of government regulatory agencies from within Nigeria, Africa and beyond to share very valuable insights.
He said the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, would deliver an address at the opening ceremony as the special guest of honour.
He said the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, would give an industry address as a special guest while the SPE International President, Mrs. Janeen Judah, would deliver a presentation.