The Nigerian Association of Petroleum Explorationists has said oil exploration and production companies must brace up for the opportunities and challenges presented by the Petroleum Industry Act.
The President, NAPE, Patricia Ochogbu, said this at a press briefing ahead of the association’s 39th Annual International Conference and Exhibition slated for next month in Lagos and virtually.
“The recently passed Petroleum Industry Act represents the most comprehensive review of the legal framework for the oil and gas sector in Nigeria since the industry began commercial operations in the 1960s,” she said.
She noted that the rising demand for energy across the globe due to increase in population, economic development and prosperity had continued to alter the complexion and complexity of the global energy space.
According to her, the unprecedented COVID-19 pandemic and its impact is redefining the economic, social, and political aspects of the global energy matrix.
Ochogbu said, “Technology is at the heart of all the significant achievements in the oil and gas industry. The way hydrocarbon is discovered, developed and produced, has been impacted by evolutionary technologies that have emerged since the Drake well of 1859.
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“But the challenge is the readiness of the exploration arm of the oil and gas business to meet the expected challenges of the next decade.”
She said oil and gas would continue to be fuels of choice for the foreseeable future, adding that conventional and unconventional hydrocarbons would likely remain the main component of the energy mix needed to meet the growing global energy demand in the next five decades.
“In the coming period, technological innovations will be critical not only in ensuring the supply of affordable hydrocarbons, but in mitigating the environmental impact of hydrocarbon exploration, production and utilisation,” she added.
