Industry professionals in the petroleum sector have called for a multi-faceted approach to be adopted to revive Nigeria’s ailing petroleum sector.
They said to revive this key industry bedevilled by corruption, mismanagement and inconsistent government policies Nigeria needs to get energy mix right and not depend solely on fossil fuels.
According to experts corruption and mismanagement have plagued Nigeria’s oil and gas industry for years, leading to billions of dollars in losses for the country.
Speaking at the 20th Annual Aret Adams Memorial Lecture 2023, experts agreed that reviving the country’s petroleum industry required a multifaceted approach.
Ademola Adeyemi-Bero, managing director and Chief Executive Officer, First Exploration and Petroleum Development said 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.
According to Adeyemi-Bero, the 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.
Adeyemi-Bero said in order to revive the industry, governance and operating frameworks should be restructured to allow more investments.
Osayande Igieho, chief executive officer of Heirs Holding Oil and Gas Limited said operational capability has to be dynamic to continuously scan the environment for security purpose.
Igieho noted that there is a need for greenfield investments, adding that industry players need to embrace technology more significantly to pinpoint losses.
On his part, Austin Avuru, executive chairman of AA Holdings said in the past 12 years, energy transition has been badly managed and urged individual investors to take up the responsibility from multinationals
Speaking on the importance of the annual conference, Charles Osezua, chairman Board of Trustees, Aret Adams Foundation 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