DPR promotes 6 deputy directors to fill vacant positions

Engr. Sarki Auwalu, Director, DPR

The Department of Petroleum Resources (DPR) has promoted six deputy directors to fill vacant positions in the regulatory agency.

Mr Paul Osu, Head, Corporate Affairs, DPR, confirmed the promotion of the deputy directors in a statement issued on Tuesday in Lagos.

Osu said the the promotions followed the retirement of various officers across several units, in line with the Public Service Regulations.

He said the  promotions were in line with the Federal Government's desire to reorganise the Department for better service delivery in line with international best standards.

He said the DPR  remains committed to its mandate of creating an enabling environment for businesses in the Nigeria Oil and Gas Industry to thrive.

DPR outlines 5 critical levers for robust gas development in Nigeria

The Department of Petroleum Resources (DPR) has outlined five critical levers for gas development as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the 

economy and to use gas as the fuel for  economic transformation. 

A statement issued on Monday by Mr Paul Osu, Head, Public Affairs, DPR said Mr

Sarki Auwalu, Director, DPR, made this known  while speaking at the Pre- Summit Conference of the Nigerian International Petroleum Summit (NIPS) on the principal theme: ‘The Decade of Gas - Towards a Gas-Powered Economy'  in Abuja.

Auwalu said  the levers :

availability, accessibility, affordability, and acceptability as well as 

deliverability were critical to utilising Nigeria's  proven gas reserves of 203 TCF for national development.

He said: "Whereas references have been made to the other elements in this 

discussion, right pricing of gas is requiring particular attention to ensure security of gas supply and security of credible gas demand. 

"This is because upstream gas producers must be assured that they will receive fair and equitable returns for their investments whereas, the price must be such that the end-users are able to pay for gas offtake in a reliable and consistent manner. 

"Accordingly, the most robust and sustainable pricing mechanism is that which ‘let the market speak’ in a way that all costs are reflective of prevailing market conditions and for which the economic dynamics of demand and 

supply are allowed to interplay in an open, transparent, and free market environment.

"Thus, our drive as a nation should be early attainment to the Willing Buyer; Willing Seller market status. Any transitional pricing arrangements, today, must be structured to quickly give way for market-led pricing regime and conditions"

The DPR boss commended President Muhammadu Buhari and the Minister of State for Petroleum Resources, Chief Timipre Sylva, for their outstanding leadership in deepening gas utilisation in Nigeria.

He said these efforts had culminated in the establishment of the National Gas Expansion Programme, National Gas Transportation Network Code and the National Gas Flare Commercialisation Programme.

Auwalu said it also include the ongoing construction of the  ELPS-II, OB3 and AKK pipelines as critical backbone gas infrastructure required to improve gas deliverability and availability.

He said the government was also working towards the expeditious 

passage of the Petroleum Industry Bill (PIB) which would enhance clarity in legislative, regulatory , fiscal, and administrative frameworks in the industry.

"This bill, when passed into law, will eliminate the uncertainties and bottlenecks associated with gas 

development in Nigeria and accelerate the growth of the Nigerian gas market to a fully  developed and matured status. 

"Specifically, on gas matters, the PIB provides for the following: promotion of dedicated gas exploration and development, gas terms, fiscal separation of gas as a commodity.

"It will also enhance the domestic gas delivery obligation, tariffing structure & methodology, open access regimes and revised gas pricing framework, to mention but a few," he added.

Auwalu said the DPR would continue to be an enabler and an opportunity provider in the Oil and Gas Industry. 

He said: "Our focus remains the effective implementation of all policies and strategic programmes of government in an efficient manner that optimises the value of our petroleum resources for all stakeholders, all in overriding national interest." 

EKEDC bags excellence award at NIEEE conferment

Eko Electricity Distribution Company (EKEDC) on Saturday received an excellence award at the 8th Conferment and award ceremony of the Nigerian Institute of Electrical and Electronic Engineers (NIEEE) in Abuja.

This was disclosed in a statement signed by the General Manager, Corporate Communications of the Company, Mr Godwin Idemudia.

Idemudia said the award followed the highly instrumental support and contribution of EKEDC towards development of the institute and the profession of Electrical and Electronics Engineering at large.  

He stated : “As a company and a major player in the electricity sector, we encourage, support and contribute to the progress and development of professionalism. 

"We encourage our staff to belong to the best professional associations and institutions as this helps develop and retain talents within our workforce and this in turn helps our overarching goal of delivering the best utility service in Africa. 

"We also support professional institutes like the NIEEE to help improve and educate our workforce to help stay up-to-date with the latest technologies and global best practices in our sector." 

Idemudia appreciated the NIEEE for its recognition and noted that it is indeed a testament to the efforts the Company is making towards professionalism at all times. 

He used the medium to appreciate customers for their cooperation towards achieving their goal. (NAN)

 

Total contributed N1.2bn to fight COVID-19 in Nigeria – Official

By Solomon Asowata

Total Exploration and Production Nigeria Limited on Thursday said it contributed N1.2 billion to the Federal Government’s COVID-19 effort to combat the pandemic.

The oil giant said it was also in discussion with the government on the procurement of COVID-19 vaccines for Nigerians.

Mr Alex Aghedo, Executive General Manager, Operations Support Services, Total E&P Nigeria, made the disclosure at a virtual news conference.

He said: “Total and 30 other upstream operators in Nigeria’s Oil and Gas Industry, led by the Nigerian National Petroleum Corporation (NNPC), donated N21 billion to the federal government’s COVID-19 effort.

“In the first phase, the donation covered three thematic areas, namely, provision of medical consumables; deployment of logistics and in patient support services as well as medical infrastructure.

“Total’s contribution was $3.2 million (N1.2 billion). ”

According to him, the company also carried out other interventions including donation of hospital beds, surgical ventilators, dialysis machines and face masks to the Lagos and Rivers State Governments.

Aghedo said : “In collaboration with the Lagos Ministry of Health and our partners, we decided to build and donate a medical oxygen plant at the Gbagada General Hospital.

”We believe that this facility would be useful even beyond the COVID-19 pandemic.

“It would not only help improve the state’s capacity to care for COVID-19 patients but also further strengthen capacity to manage other conditions associated with oxygen deficiency.”

He said the facility was in the last stages of construction and would be handed over to the Lagos State Government very soon. (NAN)

FG targets 2,000 CNG filling stations in 6 months — Rainoil boss

By Solomon Asowata

Mr Gabriel Ogbechie, Group Managing Director, Rainoil Ltd., says the Federal Government is targeting the establishment of 2,000 Compressed Natural Gas (CNG) filling stations in the next six months.

Ogbechie said the move was aimed at providing a cheaper and cleaner alternative for vehicle users as the country moves  toward the full deregulation of the downstream petroleum sector.

He spoke on Thursday during a webinar on ” Deregulation and Sustainable National Energy Future through Natural Gas.”

The News Agency of Nigeria (NAN) reports that the webinar was organised by the National Association of Energy Correspondents (NAEC).

Ogbechie said a high delegation of government functionaries recently met with oil marketers to encourage investments on the autogas scheme.

According to him, a N200 billion infrastructure fund has been set up by the Central Bank of Nigeria (CBN) to support autogas facility roll-out by marketers.

He said: “Nigeria requires about $6 billion worth of investment. Marketers can leverage on this opportunity by investing in gas adoption and utilisation.

” Investment can be made in areas such as Liquefied Petroleum Gas (LPG) bulk storage, LPG trucks, LPG filling plants, LPG skids and Gas cylinder manufacturing, Liquefied Natural Gas (LNG) plants.”

The Rainoil boss maintained that the government could not continue to subsidise Premium Motor Spirit, noting that N10.413 trillion was spent on fuel subsidy between 2006 and 2019.

He said the huge funds could be channeled to other critical sectors of the economy such as health care, education and infrastructure development.

Ogbechie expressed optimism that the passage of the Petroleum Industry Bill (PIB) would bring about the deregulation of the downstream sector by law and not by government policy.

“A fully liberalised sector will enable marketers to freely source products and leverage supply chain options. It will create a level playing field and increased competition will improve efficiency and customer-service.

“It will allow for better planning and forecasting by marketers as well as attract more Foreign Direct Investment,” he said. (NAN)

EKEDC takes mass metering to Lagos communities

Eko Electricity Distribution Company (EKEDC) has advised its unmetered customers to apply for prepaid meters and get metered immediately in the on-going National Mass Metering Programme (NMMP), an initiative of the Federal Government in collaboration with Electricity Distribution Companies to bridge the metering gap in the country.

In a statement signed by the General Manager, Corporate Communications, Godwin Idemudia, the Company encouraged all its customers to endeavor to complete their meter application form online, submit so as to benefit from the ongoing Free NMMP.

EKEDC, in the company of some of its Meter Asset Provider (MAPs) partners has ramped up the mass installations of meters in the last few weeks and continued on March 19 at the residence of some of their customers in the Surulere and Mushin areas of Lagos.

Idemudia said “we definitely want our unmetered customers to take advantage of this opportunity to get metered. Please visit our website at https://ekedp.com/page/OrderMeter, fill out the form and submit, within days, you will be metered. 

"We want an end to the estimated billing method so that we can channel our energy into making more power supply available to our esteemed customers.

" Many customers have benefitted from this mass metering programme and we want more customers to take advantage of this.”

Reacting to the metering programme, one of the beneficiaries, Christian Paul in Surulere said “this process is true and amazing, I got a call from one of the staff of EKEDC that they were coming this morning to meter my house, I thought it was a prank call until I got another call that they were in front of my house and lo and behold , I was metered with a prepaid meter. 

"I appreciate the Federal Government and EKEDC. Please apply and get metered. It is true. I am a beneficiary.”

Idemudia urged ustomers to continue to cooperate with the company as more customer focused initiatives are underway to make life easier for the customer in line with the Company’s mantra as a customer-centric utility company aspiring to be the preferred choice of all stakeholders. (NAN)

 

Ikeja Electric bags latest ISO certifications, reiterates commitment to operational excellence

By Solomon Asowata

Ikeja Electric Plc has bagged three International Organisation for Standardidation (ISO) certifications ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 in recognition of its effective implementation of Occupational Safety and Health, Environment Management and Quality Management processes.

In addition, the DisCo also emerged as one of the runners-up for the ‘Most Responsive Organization to COVID-19 Crisis at the Nigeria Risk Awards 2020, and also bagged the AfriSAFE Merit Award 2020.

The Management of Ikeja Electric, last week, were presented the ISO 9001:2015 (Quality Management System), ISO 14001:2015 (Environmental Management System), and ISO 45001:2018 (Occupational Health and Safety Management System) 2020.

The official presentation was held at the company’s headquarters in Lagos, attended by  Country Director, DQS, Mr Lawrence Ogudu; Organizer of AfriSAFE Award, Mr Femi Da Silva; Chairman of Ikeja Chapter, Nigerian Institution of Power Engineers (NIPE), Mr Vincent Obaseki and General Manager, Conrad Clark (Nigerian Risk Award), Femi Iroko, Mr Wale Bakare (one of the AfriSAFE Judges) among others.

Speaking on the achievements, the Chief Executive Officer (CEO) of Ikeja Electric, Mrs Folake Soetan said the company has again reaffirmed its commitment to high standards, in line with global best practices. According to her, these prestigious awards demonstrate that IE management processes and operations are effectively conducted by quality policies and forward-thinking leadership. 

She said: “We are indeed honoured by these certifications. I am dedicating these achievements to the entire management and staff who continuously give their best through strategic initiatives and innovation that deliver growth, improved service delivery and customer satisfaction for the brand”.

“The fact that we have gained these recognition does not mean we have attained the desired peak or that we would become complacent, but rather we will continue to work hard towards operational excellence and improvement of service in line with our manta – ‘Customer first; technology Now,” Soetan noted.

Also commenting on the occasion, Head of Quality, Safety, Health and Environment (QHSE), Mr Jamiu Badmos, explained that the IE remains the industry trailblazer in areas of innovations including occupational health & safety and environment initiatives. The result of the audit as approved by Technical Committee from DQS in Germany has again certified Ikeja Electric to be compliant with global best practice.

According to Badmos, adoption of technology and purposeful engagement of staff, customers and stakeholders has greatly contributed towards achieving effective quality, health, safety and environmental performance and operational excellence.

“We will continue to use risk-based thinking throughout our operations to promote a proactive approach for identifying risks and opportunities, thereby making continual improvement in order to enhance governance, customer experience, operational excellence and sustainability’ he said.

The International Organisation for Standardidation (ISO) is world’s largest independent, non-governmental organizations that develops of voluntary international standard and facilitates world trade by providing common standards among nations.(NAN)

Depot owners seek Buhari's intervention over closure of Waziri jetty

By Solomon Asowata

The Petroleum Products Depots Owners As­sociation of Nigeria (PPDOA) has appealed to President Muhammadu Buhari to intervene in the closure of the Waziri jetty in Lagos by the management of the Nigerian Ports Authority (NPA).

Mrs Patricia Okereke, Executive Secretary, who made the appeal while speaking with newsmen on Tuesday in Lagos, alleged  that the jetty was closed by the NPA on Jan. 21,2021 despite a subsisting court order.

She also called on the Minister of Transport, Mr Rotimi Amae­chi, Lagos State Governor, Mr Babajide Sanwo-Olu and House and Senate Committees on Marine Transport and Jetties to urgently intervene in the issue.

According to her, the jetty served as a common user facility to  six tank farms along the axis which are Hensmor, A-Z Petroleum, G-Eurafric, One Terminal Nig. Ltd., AITEO Energy and NIPCO Plc.

Okereke said the NPA and the association had been in loggerhead over the jetty and its adjoining land for about 17 years and had on Feb. 26, 2008 gotten an injunction from Justice Abdullahi Mustapha of the Federal High Court, Lagos.

She said the order restrained the NPA from preventing the association's members from using the said jetty for their petroleum operations pending the determination of its suit against the authority over the dispute.

Okereke said the association had 

applied to the NPA to use  the adjoining land for housing its safety and fire equipment but was surprised that the authority leased the said land to another company involved in container business.

Okereke said it was after the association protested against the move citing safety implications and further congestion of traffic on that axis that the NPA shutdown the Waziri jetty.

She noted that the closure threatens the Federal Government's plan to move petroleum products to the Northern  and Middle belt regions using rail tracks from the depots.

"Given that the NPA closure of the jetty flouts an existing injunction, we ask the President to order NPA obedience of the law and to immediately re-open the Waziri jetty so that our petroleum operations may continue," Okereke said.

She also appealed to the president to direct NPA and its partner to cease all construction works on the jetty land in order to allow the court to determine the substantive case currently underway.

Okereke also pleaded with Buhari to grant a 10 years lease of the jetty land to the association so that it could be repaired and upgraded to enhance safety of lives and property in the locality.(NAN)

PIB to attract adequate funding for new investments – Total

By Solomon Asowata

Total Exploration and Production Nigeria Ltd. says the Petroleum Industry Bill (PIB) will provide the stability needed to attract adequate funding for new investments, particularly in Deep offshore and Gas Development sectors.

Mrs Tai Oshisanya, Executive Director, Finance and Control, Total E&P Nigeria Ltd, made the assertion on Thursday
at the 2021 Oloibiri Lecture Series and Energy Forum (OLEF) in Lagos State.

The lecture was organised by the Society of Petroleum Engineers (SPE) Nigeria Council.

The theme of the lecture is entitled “Operational Excellence and Portfolio Optimisation, Way Forward for the Oil and Gas Industry Post COVID- 19.”

Oshisanya said the Nigerian oil and gas industry was facing challenges of insecurity and uncertainty in the fiscal and regulatory environment.

She added that the problems happened due to the delay in the passage of the PIB currently before the National Assembly.

According to her, the result is loss of new investments in the industry and difficulty in obtaining funding for projects.

She said: ” Not only do new projects require low carbon emissions, they must also be profitable with favorable fiscal terms that preserve value of present assets and assure future investments.

“Capital is not static – it drifts to where there is stability and certainty. Nigeria has to be competitive.

“Therefore, we as an industry welcome government’s enthusiasm to pass the Petroleum Industry Bill (PIB) into law this year.

“It is vital that the bill provides the stability needed to attract adequate funding for new investments, particularly in deep offshore and gas development sectors.”

Oshisanya said that the world and the energy industry had been impacted by the COVID-19 pandemic.

She added thatTotal had adapted to the new reality through staff dedication, strict cost considerations and robust planning.

She said: “We have been able to keep our operations running smoothly and growing our production levels.

“We will continue to partner with our host communities by supporting projects in crucial sectors which include environmental conservation, health, education, power, infrastructure and economic development.

“We will continue to train and develop Nigerians using numerous societal impact interventions including skills acquisition programmes and our Young Dealers Scheme. (NAN)

DPR identifies 6 key areas of operational excellence for oil, gas industry

Mr Sarki Auwalu, Director, DPR

The Department of Petroleum Resources (DPR) has identified six key areas of operational excellence for Nigeria's oil and gas industry, advising stakeholders to build a culture in these specific areas.

Mr Sarki Auwalu, Director, DPR, made this known on Thursday while delivering a keynote address at the 2021 Oloibiri Lecture Series and Energy Forum (OLEF) organised by the Society of Petroleum Engineers (SPE) Nigeria Council.

Auwalu listed the key areas as health, safety and environment; cost performance and return on capital for all stakeholders across all assets, as well as  use of appropriate and consistent standards across the entire business. 

He said it also included continuous improvement culture that strives to exceed set targets; human capital development and improved reputation based on efficient operations and sustainable business practices. 

"DPR will regularly review the industry performance on operational excellence based on the above measures and provide appropriate feedback to respective companies and the industry in general," the director said.

According to him, the DPR will only use regulations as tools to allow the industry to develop and operate their assets safely, reliably, sustainably and cost effectively. 

He noted that the the theme of this year's event, ‘Operational Excellence and Portfolio Optimisation, Way Forward for the Oil & Gas Industry Post COVID- 19’ was very apt in view of current global realities.

Auwalu said: "It would be recalled that in the wake of the ‘Triple force’ of COVID-19, Oil Price Crash and OPEC+ cuts that impacted the global petroleum industry, the department, under the leadership of the Honourable Minister of State, rolled out four  strategic focus fo industry repositioning and business optimisation. 

"These measures were to ensure that the Nigerian Oil and  Gas Industry survive and thrive in the face of severe economic disruptions and daunting challenges.

" The Department has continued to monitor industry metrics and we are optimistic that the Industry is emerging stronger with key indicators pointing northwards. 

"A note of caution is in order though, like the saying goes: ‘The storm may be over; but storms come and go. Storms are part of life’. 

"Accordingly, we need to keep our eyes on the ball and make concerted efforts to wade through the fragile business environment by eliminating inefficiencies, reducing cost, 

building partnerships, and entrenching collaboration in the industry."

He said the DPR under his leadership was a business enabler and opportunity provider and would continue to incentivise operational excellence rather than focusing on sanctions.

"To achieve improved industry performance and businesses optimisation, DPR has streamlined its processes and leverage technology to enhance value, reduce industry cost of operations and support business continuity.

" Today, most of our processes are digitised through the DPR suite of business automation solutions for data gathering, reporting, issuance of Licences, Permits and Approvals, inspections, reviews and audits and so on," Auwalu added.

The DPR boss also urged stakeholders in the industry to leverage on the recently inaugurated National Oil and Gas Excellence Centre (NOGEC)to drive Safety, Value and Cost efficiency in the industry. (NAN)

Road safety: Total Nigeria trains 2,181 truck drivers in 4 years

By Solomon Asowata

Total Nigeria Plc says it has trained 2,181 petroleum truck drivers to enhance safety on roads and smooth distribution of products across the country in the last four years.

The oil firm said on Thursday that it also audited 2,740 trucks used for conveying petroleum products within the same period to ensure their road worthiness.

Mr Eghosa Okhuanesogie, the Product Transport Safety Manager, Total Nigeria Plc, made the disclosure in a virtual media engagement on “Total Nigeria Truck Plc Driver’s Initiative’’.

Okhuanesogie said the training and audit were conducted at Total Nigeria Drivers Training Centre in Ibadan from 2017 to 2020.

According to him, statistics by the Petroleum Products Marketing Company (PPMC) reveals that more than 1,200 trucks are loaded daily with petroleum products across Nigeria which makes it imperative for drivers to be properly trained.

Okhuanesogie noted that trucks belonging to Total Nigeria and its transporters had recorded zero fatalities since inception of the mandatory training and audit.

“The three-day training is done every two years. The lectures are translated to Yoruba, Ibo and Hausa and drivers are given a pocket safety handbook as well as information booklet to educate them on what and what not to do while on the road,’’ he said.

According to him, Total Nigeria also organises an annual drivers competition which sees three winners each emerging from the North, East and West regions of the country with winners rewarded with cash and gifts.

He said an overall winner wass selected among the nine competitors and also presented with gifts and cash aimed at encouraging drivers to adhere to safety on the road.

Also speaking, Mr Muhyideen Nurudeen, the General Manager, Health, Safety, Environment and Quality, Total Nigeria Plc, said the drivers were being monitored through the installation of On Board Computers and Cameras on their trucks.

According to Nurudeen, drivers are mandated to abide by the prescribed rest hours while the company also has a policy of removing trucks above 10 years old from its operations.

He said Total also had a zero policy for alcohol intake by its drivers and those of its transporters, stressing that tests were usually carried out on them at the loading and discharge points.

On his part, Mr Charles Ebereonwu, Country Communications Manager, Total Nigeria Plc, said the initiative was a welcome development that should be embraced by other stakeholders in the sector.

“In training drivers, we are protecting the road, we are protecting our citizens and protecting the products to ensure they get to their destinations as and when due,’’ he said. (NAN)

ASO/FAA/EEE
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Edited by Folasade Adeniran/Ese E. Ekama

 

EKEDC appeals for calm amid prolonged outage in Lekki-Ajah corridors

Eko Electricity Distribution Company (EKEDC) has appealed for calm following the prolonged outage experienced by its customers in the Lekki, Ikoyi and Ajah areas under its network.

The electricity Distribution Company made the appeal in a statement signed by its General Manager, Corporate Communications, Godwin Idemudia on Friday in Lagos.

Idemudia said EKEDC regrets the outage which was being experienced by the customers and was working with the Transmission Company of Nigeria (TCN) to ensure that supply was restored very shortly.

He said that the ongoing repair work was almost completed.

Idemudia said: “We are not unaware of the difficulties our customers are experiencing within the Lekki, Ajah and Ikoyi areas of our network.

“As we have restated earlier, the outage is as a result of ongoing maintenance by our TCN partners.

“While the work is already behind schedule, we are glad to inform our customers that the repair work has reached an advanced stage and will be completed as soon as possible.”

He thanked the customers for their continued support and cooperation and assured them that EKEDC was committed to its objective of providing reliable power to its customers. (NAN)

Absence of effective legislature responsible for delay in implementation of Nigeria Gas Master Plan, says expert

 An oil and gas expert, Dr David Ige says the absence of effective legislature is responsible for the delay in the full implementation of the Nigeria Gas Master Plan.

The News Agency of Nigeria (NAN) reports that Ige, Managing Director, GasInvest Limited,  made the assertion on Thursday in Lagos at a Media Engagement Session on the Petroleum Industry Bill (PIB)

The session was organised by the  Facility for Oil Sector Transformation Project (FOSTER).

Ige said the Nigeria Gas Master Plan was conceptualised in 2005 to make the gas sector among the top five in Africa by deepening gas utilisation in the country.

He said unfortunately, the delay in passage of the PIB which could have provided a clear fiscal framework to attract investors, stalled the implementation of the plan.

According to him, with over 200TCF of proven gas reserves, Nigeria has the potential of becoming a gas-based industrialised nation if the right policies and infrastructure are put in place.

Ige said: "You cannot have a fully competitive gas market without a competent regulator to drive it to full liberalisation.

"So, the law must provide sufficient legislative incentives to allow the market to grow at the rate it was projected to grow."

He noted that with International Oil Companies now moving their Investment towards renewables, it was imperative that Nigeria use the limited time remaining to maximise its oil and gas resources.

Ige said the PIB, which was currently before the National Assembly ought to have been passed a decade ago, stressing that the country could not afford any further delay.

Petroleum engineers want deployment of technology to curb oil theft

The Society of Petroleum Engineers (SPE) Nigeria Council says deployment of modern technology can assist in curbing crude oil theft in the country.

Mr Tunji Akinwunmi,  Chairman, SPE Nigeria,  made the assertion while speaking with newsmen  in Lagos on Wednesday.

He spoke ahead of the council’s 2021 Oloibiri Lecture Series and Energy Forum (OLEF) holding on  March 18 in Abuja.

Akinwunmi said that some operators had started utilising drones and other modern gadgets to monitor pipelines and petroleum infrastructure.

He said that  it needed to be expanded and sustained.

Akinwunmi said that the COVID-19 pandemic had negatively affected the oil and gas industry, hence the need to improve on operational excellence and portfolio optimisation going forward.

According to him, both factors can help to reduce the Unit Operating Cost (UOC) of producing crude oil in Nigeria which the government targets to be not more than $10 per barrel by December 2021.

Akinwunmi also noted that the passage of the Petroleum Industry Bill , currently before the National Assembly, would stimulate more activities in the oil and gas sector.

He said it would maximise opportunities for the benefit of the country.

On the 2021 OLEF,  he said Chief Timipre Sylva, Minister of State for Petroleum Resources; and Mr Mele Kyari ,Group Managing Director, Nigerian National Petroleum Corporation; were among stakeholders expected at the hybrid event.

He said also expected as keynote speaker is  Director, Department of Petroleum Resources, Mr Sarki Auwalu.

Akinwunmi said the lecture would look at reducing overall cost of doing business through digitalisation, reevaluation of operational strategies, deployment of local technology and entrenchment of good governance.

The SPE chairman said over 3,000 participants from the industry, government and academia are expected to participate in the lecture both online and offline. (NAN)

Dangote Refinery coming on stream (Pictures)