PBA ReporterFlagship Energy Limited believes that local Oil and Gas traders/operators could leverage technology to join the global oil and gas community.
Mr Osagie Ediale, who runs Flagship Energy Limited, believes that local players in Nigeria’s oil and gas sector should deploy initiatives in technology to address procurement issues anchoring on the recently legislated Petroleum Industry Act (PIA), which has been praised and criticised on many fronts.
Ediale, in a statement made available to Prime Business Africa, argues that deployment of technological initiatives for procurement in the oil and gas sector will boost operations, making them seamless.
According to the Flagship Energy CEO, technology is dominating every operation and all human activities; ‘’so introducing it to the oil and gas sector, especially in upstream and downstream areas, should be encouraged.
“Elsewhere in the global community, technology has been adopted in virtually everything and so we should leverage on this locally by making it a way of life,” Ediale remarked.
He praised Pesident Muhammadu Buhari for assenting to the PIA and disclosed that indigenous operators, including Flagship Energy, are poised to support Nigeria’s economic growth by investing in technology, innovations and efficient business strategies, the complexities in oil and gas sector notwithstanding.
‘’Knowledge of information technology driven discipline, which require specialised skills set and deep financial capability are key drivers of the sector,” he explained.
According to Ediale, the Federal Government derives its main stay for the economy from sales of crude oil, gas and condensates and so much is needed to boost its revenue streams by adopting technology to block all the leakages since the economy will remain glued to the oil and gas sector for a long time to come considering its strategic importance.
It will be wise to put in everything necessary to cushion it despite the implications of the current global energy transition.
‘’There are inherent risks in production and sales of the crude such as supply side disruptions and price violations that pop up through geographical factors that could negatively affect government revenue and national budget,” Ediale noted.
In this regard, Flagship Energy, he said, is strategically positioned to work with the NNPC Limited to devise cutting edge strategies to mitigate the risk and revenue losses associated with oil price volatility.
Ediale further explained that “as the global energy transition gathers momentum, Nigeria is uniquely positioned to maximise the full potentials of its significant gas deposits which are expected to enjoy strong demand well into the future as transition fuel, since renewable energy economy is evolving at a rapid pace with focus on wind, solar, and hydro for transiting to low carbon, greener world” adding that Flagship Energy is eminently positioned to offer value in this regard with its deep expertise and experience in the renewable energy sector, he added.
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