Ninety-Eight Percent of Refined Petroleum Products in Nigeria are moved by Road Transportation- Adebawo
Moderating a panel session at the Nigeria Annual International Conference and Exhibition (NAICE), organised by the Society of Petroleum Engineers (Nigeria Council), in Lagos, General Manager of Heritage Energy, Adesola Adebawo, revealed that 98% of refined petroleum products within Nigeria are moved by road transportation, leading to high cost per unit volume and safety concerns. This could also jeopardize the movement of the products with security risks.
However, this has become a major challenge hindering progress and causing issues especially for the country’s downstream.
He emphasized the need to finding a lasting solution to the transportation crisis faced by operators.
The panel, which was titled: Unlocking upstream value: developing markets, trade access and facilitating partnerships in the midstream and downstream, featured seasoned industry professionals.
These included Principal Consultant & Chief Executive Officer, Reservoir & Facilities Solutions Ltd; Engr. Oluseyi Afolabi, General Manager, Subsurface, Oando Energy Resources; Babafemi Onasanya, the Major Strategic Accounts, Nigeria & Anglophone WA GE Venoa; Dr Good luck Enimakpokpo, Adegbite Falade, Managing Director (MD), Aradel Holdings and Executive Director, Distribution Systems, Storage, and Retailing Infrastructure, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ogbugo Kalu Ukoha
The panelists examined the crucial role of regulatory frameworks in fostering market access within the oil and gas value chain, analysed policies that streamline trade, incentive partnerships, and cultivate an environment conducive to market growth.
The panelists also analyzed how regulatory frameworks act as dynamic enablers, promoting not only efficient trade practices but also strategic partnerships.
During the session, solutions were proffered to the challenge of attracting capital market to the regional market integration framework and that of sustainability across the value chain.
At the end of the session, Adebawo, who moderated the panel discussion, and other members of the panel were presented with awards from the chairman of the Nigerian Council, Society of Petroleum Engineers, Salahudeen Tahir.
