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Experts in Nigerian’s petroleum industry have come together to examine critical actions needed to revive the sector for national development. The actions include tackling various challenges ranging from corruption, mismanagement to competition from other countries.
Speaking at the 20th Annual Aret Adams Memorial Lecture 2023, experts agreed that reviving the country’s petroleum industry required a multifaceted approach.
Managing Director and Chief Executive Officer, First Exploration and Petroleum Development, Ademola Adeyemi-Bero, said Nigeria needs to get energy mix right and not depend solely on fossil fuels.
He stressed that in the last five to 10 years, investment in Nigeria’s oil and gas sector has declined significantly, noting that oil production in the country has declined by 30 per cent in the last decade.
“Decline in production is a result of governance bureaucracy, stakeholders confidence and commitment to the industry, losses from crude theft, vandalism, limited interventions and underinvestment in the industry due to low global competitiveness and drive for cleaner energy,” he said.
Speaking on how to revive the industry, Adeyemi-Bero said governance and operating frameworks should be restructured to allow more investments.
Chief Executive Officer, Heirs Holding Oil and Gas Limited, Osayande Igieho, said operational capability has to be dynamic to continuously scan the environment for security purpose.
Adding that there is need for greenfield investments, he urged the industry to embrace technology more significantly to pinpoint losses.
Executive Chairman, AA Holdings, Austin Avuru, said in the past 12 years, energy transition has been badly managed and urged individual investors to take up the responsibility from multinationals
Also, Chairman BOT, Aret Adams Foundation, Charles Osezua, in his address, said the Foundation targets the ideals of the late Godwin Aret Adams.
“The Aret Adams professorial chair in business entrepreneurial development at Ambrose Alli University, Edo State will become operational this year in conjunction with Niger Delta E&P Plc, the Aret Adams professorial chair I’m geological studies at the University of Ibadan is also expected to become operational this year,” he said
The experts said corruption and mismanagement have plagued Nigeria’s oil and gas industry for years, leading to billions of dollars in losses for the country.
