Executive VP of Upstream Calls for Joint Efforts to Overcome Challenges in the Oil and Gas Sector
The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged increased collaboration, particularly among upstream operators, particularly independent producers, to address challenges hindering the optimal development of divested assets in the nation’s oil and gas industry.
During a panel session at the ongoing 2024 Nigerian International Energy Summit (NIES 2024) in Abuja, the company’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, emphasized the need for innovative solutions. Speaking on the theme, “Innovation, Collaboration, and Resilience: Empowering Independent Producers in the Dynamic Energy Era,” Eyesan noted that past experiences with divestments often resulted in a decline in production rather than growth.
“In the industry, if you want to measure success, there are some basic indicators that you utilise – production growth, reserves growth, and asset integrity. If I were to evaluate prior investment initiatives and scale the actors using these indices, I will be untrue to myself if I say everybody has done well. Yes, we acquired the assets; but today, we are worse off in terms of production than we were when we did the acquisition,” lamented the EVP.
While acknowledging some success stories among independent producers, Eyesan highlighted challenges such as insecurity, financial constraints, and technological limitations. She stressed the importance of collaboration among industry players to overcome these challenges, proposing a collaborative approach in a “state of emergency” through a dedicated war room.
The panel session featured prominent figures in the sector, including Adegbite Falade (CEO of Aradel Holdings), Elohor Aiboni (MD of SNEPCo), Demola Adeyemi-Bero (MD of First E & P Development Company), Matthieu Bouyer (CEO of TotalEnergies), Shane Harris (CEO of ExxonMobil Nigeria), Ainojie Alex Irune (COO of Oando Energy Resources), and Cosmas Iwueze (Director, Joint Venture, Chevron Nigeria).
