Speaking at the 43rd Nigeria Annual International Conference and Exhibition (NAICE) of the Society of Petroleum Engineers, in Lagos on Monday, Kyari said that this could only be achieved if players collaborate effectively to ensure timely resolution of contractual issues and the passage of the necessary petroleum legislation.
“To achieve this ambition, huge investment is required across the value chain. We have to attract investment to deploy improved technology in the exploration and production of hydrocarbon from inland as well as the ultra-deep offshore basins,’’ he said.
Kyari challenged industry operators and stakeholders alike to desist from further lamentations of the challenges that plague the operating environment but pick up the gauntlet and confront the issues frontally with diligence and sure mindedness.
On the theme of this year’s SPEC conference entitled: Artificial Intelligence, Big Data and Mobile Technology: Changing the Future of the Energy industry, the NNPC GMD acknowledged the fact that the emergence of artificial intelligence has altered the dynamics of operations by providing quicker processes and interventions in the conduct of business in the industry made possible by effective deployment of big data.
He challenged industry players to be forward-looking and embrace this approach in seeking for solutions to the challenges that confront the industry.
He said that technology and innovations will continue to shape the way the oil and gas industry businesses and operations are conducted especially in the deep offshore and other hard-to-operate environment.
“Artificial intelligence, big data and the mobile technology will continue to shape our industry in practically unimaginable ways, but certainly the transformations they promise will lead to quantum shift in the delivery of our task,’’ he said.
The 2019 NAICE conference and exhibition was declared open by Dr. Folashade Yemi-Esan, Permanent Secretary, Ministry of Petroleum Resources, who took time to visit the pavilions of exhibiting oil and gas companies.
Yemi-Esan commended the companies for great show at the stand while urging them to rally round the Federal Government achieve set targets in the industry.