Increased investments in technology will benefit the oil and gas sector of the economy, Minister of State Petroleum Resources Chief Timipre Sylva has said.
Sylva, who said this at the graduation lecture of Course 29 of the National Defence College (NDC) Monday in Abuja, added that it will not only boost oil and gas exploration, it would also address the issue of cost of production which has been a challenge to operators in the sector.
According to the minister, who spoke on ‘Enhancing Digital Technology In The Oil and Gad Sector on Nigeria for National Development’, the pressure to move with the rapid evolution of technology was increasing by the day.
Sylva said: “The many benefits to cost, planning, efficiency, and quality that digital technology can bring to the oil and gas sector are all too clear”.
“Ultimately, for the oil and gas industry – like all other sectors of society in this day and age – the choice is no longer between embracing or investing in digital technology and not doing so, but actually between investing in digital technology and sinking into oblivion,” he further stated.
“Under COVID-19, expatriates left for their home countries, and production plummeted. This has accentuated the need for digitalisation, as oil producing countries seek more efficient production techniques,” he said.