The Petroleum Industry Act (PIA) 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.
Highest body of Petroleum explorationists in sub-Saharan Africa, the Nigeria Association of Petroleum Explorationists (NAPE), which said this during a virtual press conference to herald its 39th Annual International Conference and Exhibition (AICE), maintained that the conference, which would take an indepth look at the Act, would also play host to high level industry practitioners, key personnel in government and the academia.
President of NAPE, Mrs. Patricia Ochogbu, who said during a virtual press conference, maintained that these critical stakeholders and speakers have been slated to deliver technical papers on eight (8) sub-themes.
Newsbeatng reports that the event is the largest gathering of Geoscientists and other stakeholders in the oil and gas space of Sub-Saharan Africa.
Themed; “Petroleum Exploration and Production in a New World: What Next After the Global Crises,” this year’s AICE, Ochogbu said, “is slated to hold physically and virtually at the Eko Hotel & Suites, Victoria Island, Lagos” mid-November, 2021.
The eight (8) sub-themes on, which papers would be delivered, the NAPE President said, are namely: Managing the E & P Business and the Strategies for Reducing Costs in the New PIA Era, Novel Concepts and Approaches in Geophysics in the Onshore, Offshore and Inland Basins, Petroleum System Studies and Integrated Reservoir Modeling and Drilling Operations and Petroleum Potentials and Successes in Nigerian Frontier Basins.
Ochogbu stated further that the NAPE conference would also feature Exploration and Refining- Aligning the Value Chain and Domestic Gas development and Utilization, Current Technological Advancements and Applications in Petroleum Exploration and Production with Energy Mix and Transition for the Next Generation.
“Health, Safety, Security and Environment: Operational Challenges in Oil and Gas Exploration and Production will also be part of issues to be addressed in the conference,” she said.
The NAPE President expressed the view that the rising demand for energy across the globe due to increase in population, economic development and prosperity, has continued to alter the complexion and complexity of the global energy space.
The unprecedented COVID-19 pandemic and its impact is redefining the economic, social, and political aspects of the global energy matrix.
She said the recently passed Petroleum Industry Act (PIA) 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.
“E & P companies must brace up for the opportunities and challenges aspects of the PIA present in the new era,” Ochogbu said, adding; “Technology is at the heart of all the significant achievements in the oil and gas industry.”
She continued; “The way hydrocarbon is discovered, developed and produced, has been impacted by evolutionary technologies that have emerged since the Drake well of 1859. 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.”
Ochogbu added that oil and gas will continue to be fuels of choice for the foreseeable future and conventional and unconventional hydrocarbons are likely to 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 utilization.
“It is against the backdrop of the foregoing that NAPE will at its 39th Annual International Conference & Exhibition be deliberating on the petroleum business and the regulatory environment in the new PIA regime as well as addressing the challenges of exploration and production in the new post COVID 19 pandemic era,” she said.