FG seeks digital technology to boost oil and gas exploration – The Sun Nigeria
By Molly Kilète, Abuja
Chief Minister of State for Petroleum Resources Timipre Sylva said now is the time for the government to invest in digital technology to boost exploration in the oil and gas sector of the economy.
Sylva said digital technology tools such as drone technology, analytical and data-driven processes, Internet of Things (IoT), and 3D virtual modeling, among others, are vital requirements that can help improve the production of oil and gas in the country.
He said the country would benefit tremendously from digital technology.
The minister made this known during his graduation speech to the participants of the National Defense College (NDC) for Course 29, in Abuja.
The Minister, while noting that the pressure to evolve with the rapid evolution of technology was increasing day by day, said that the oil and gas sector could not be an exception.
In his conference titled “Enhancing Digital Technology In The Oil and Gad Sector on Nigeria for National Development”, noted that “the many advantages in terms of cost, planning, efficiency and quality that digital technology can bring to the sector oil and gas are all too loose “.
“Ultimately, for the oil and gas industry – like all other sectors of society today – the choice is no longer between adopting or investing in digital technology and not, but is between investing in digital technology and falling into oblivion. “, he added.
According to him, “Under COVID-19, expatriates left for their home country and production fell. This has accentuated the need for digitization, as oil-producing countries seek more efficient production techniques, ”he said.
“In this regard, technology has come to the rescue. It helps countries and businesses solve efficiency problems through multi-functional tools, such as artificial intelligence (AI) and automation; Big Data and data analysis; Internet of things and electronic surveillance; and 3D virtual modeling and drone technology ”,
Separately, the minister said Nigeria has proven crude oil reserves of 37 billion barrels with a production capacity of 2.5 million barrels per day and actual crude oil production of around 1.5 million barrels. barrels per day and natural gas reserves of 206.53 trillion cubic feet; and an average production of about 7.575 million standard cubic feet per day (MMSCFD), noting that with improved technology in the oil and gas sector, the country can increase its level of production.
Citing the 2019 Deloitte Digital Maturity Index, which ranked the oil and gas industry at the lowest end of the scale compared to other heavy asset industries, Sylva said “there is a need to enhance the digital maturity of the oil and gas industry in Nigeria and around the world, ”noting that“ the digital train has since left the station – either you are on board or you are left behind ”.
While emphasizing the need for sustained investment in technology by both government and oil and gas industry organizations, Sylvia said continued investment in the sector is essential for environmental survival. competitive today.
He said: “They also need to increase investment in skills development to be able to harness the full potential of technology in the sector.”
Earlier in his speech, NDC Commander Rear Admiral Oladele Daji said the exponential rate of technological advancement globally over the past decade, which has been described as the Fourth Industrial Revolution, is arguably a critical factor in determining the strength of nations. to the extent of safety and
Sustainable development indices.
He said the theme of the conference was characterized by rapid advancements in technologies such as artificial intelligence, advanced robotics and large analytics, among others.
“The Fourth Industrial Revolution is dynamic and in some cases disruptive and redefining possibilities in all areas of human endeavor.”
“This reality portends both positive and worrying prospects with far-reaching implications for national development. This underscores the need for diligent questioning to appreciate the inherent opportunities, risks, challenges and threats ”.