Chinese firm affirms capacity to boost Nigeria’s oil revenue by $200 million with technologies

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Michael Zhuang
Michael Zhuang

Story from Sunday OGWUCHE, Abuja

A Chinese multinational technology company, Huawei Technologies (Nigeria) Ltd has stated that its technology solutions have the capacity to boost Nigeria’s oil production by five per cent (5%) and improve revenue by $200 million annually.

Enterprise Managing Director of Huawei, Michael Zhuang, who spoke at the ongoing 2020 Nigeria International Petroleum Summit (NIPS) said the company has been operating in Nigeria for over two decades supporting local and international companies with the latest technology.

Zhuang, at the session hosted by Huawei with the theme: Driving Data to Barrel, said Huawei is dedicated to promoting digital transformation and reducing the digital gap in all industries.

“In Nigeria, we have partnered with both international and local oil companies in upstream, middle stream and downstream to promote oil & gas digital transformation and we remain committed to continuously providing our support and innovation”.

He noted that the company’s Oil & Gas solutions have been applied in 45 countries and regions around the world, serving 70 per cent of the global top 20 oil and gas companies.

“We have incorporation to build more than 46,000 KM of digital pipelines globally”, he added.

On how the company intends to plan to drive data to barrel, he said for upstream the company would speed up oil search and search accuracy.

“For production data, there would be increased production and reduced costs and for pipeline data, there would be constant monitoring of oil depot data to reduce oil stealing and oil leakage”.

Also speaking at the session, energy expert, Professor Wumi Iledare advocated for the quick passage of the Petroleum Industry Bill (PIB) noting that the opportunity to have a good law must not be sacrificed on the altar of the perfect law.

He said: “This bill is not perfect but it is good enough for us to start after 20 years of attempting. There are three important chapters and you all know about them. The chapter on governance is to help us solve this amorphous governance process that we have.

“That bill is going to separate policy from regulations and from commercial. The only bone of contention that is still there is the reason why the PIB was not signed originally, which is there are some who wanted two regulatory institutions and there are some of us who said one regulatory agency is enough for what we have in Nigeria”.

He expressed reservation on the technical capability at the Ministry of Petroleum Resources to allow for continuity of policies, calling for the reorganisation of the Ministry to separate the technical from the administration.

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