The Society of Petroleum Engineers (SPE) Nigeria has called on the Federal Government and oil and gas industry stakeholders to implement the recommendations from Nigeria Annual International Conference and Exhibition (NAICE) 2024.
Chairman of SPE Nigeria Council, Mr Salahudeen Tahir, disclosed, at a news conference to mark the end of Nigeria Annual International Conference and Exhibition (NAICE) 2024 on Friday (today, August 9) in Lagos, that he gathering was able to identify the gaps and proffer solutions to energy security in Nigeria, especially as regards the midstream and downstream petroleum sectors.
He called on all industry players to adopt innovations and technologies that would guarantee cleaner, cheaper and more efficient energy supply to Nigerians.
Tahir said a communiqué would be issued soon alongside five others that have been presented from the conferences in the last five years, explaining that the theme of the conference: “Petroleum Industry Value Chain Optimisation: The Inevitability of Midstream and Downstream Development”, was chosen because of the importance of the sector to the Nigerian economy.
“To ensure sustainability, optimisation of the petroleum industry value chain is necessary, and the development of the midstream and downstream sectors plays a significant role in achieving this optimisation,” Tahir said.
“The midstream sector involves the transportation, storage, and wholesale marketing of crude oil and natural gas, while the downstream sector focuses on refining crude oil into various petroleum products and distributing them to end consumers.
“Without an effective, efficient, and vibrant midstream and downstream sector, investments in the upstream become meaningless.
“Our God-given natural resources will forever remain in its raw state.”
Tahir also emphasised that the optimisation of the midstream and downstream sectors of the petroleum industry value chain is essential for attracting investments to the upstream.
According to him, it will also help to achieve operational efficiency across the value chain, and meet the demands of the market in a cost-effective manner.
“It allows for the smooth flow of resources, maximises the value of hydrocarbons, and ensures a reliable supply of petroleum products to consumers,” he said.
Applauding the President of SPE International, Mr Terry Palisch, for his physical presence at the conference, Tahir said that SPE remained the foremost professional association for petroleum industry practitioners worldwide, with over 127,000 members across 145 countries.
In Nigeria, he said that SPE’s paid membership was over 15,000 including student members, spread across five sections; Lagos, Port Harcourt, Warri, Benin, and Abuja and 47 vibrant student chapters. (NAN)
