Oil & Energy
Oil Sector: FG To Invest $500m On Projects
The Minister of Petroleum
Resources, Mrs Diezani Alison-Madueke, says more than 500 million dollars will be invested in different projects in the oil and gas sector in the next few years.
This is contained in a statement made available to newsmen in Abuja by the Public Affairs Officer of the Nigerian Content Development and Monitoring Board, Mr Obinna Ezeobi.
The statement quoted the minister as saying this when she visited the headquarters of the board in Yenagoa, Bayelsa State.
According to the statement, the projects are expected to generate 71,000 jobs.
It said that over 200 million dollars would be invested in the pilot pipe mill project being developed at Polaku, Bayelsa.
It said that the project, which is expected to be completed before the end of 2015 would create over 500 direct jobs and 10,000 indirect jobs.
The statement added that the project would also provide opportunity for some youths in the community to be trained abroad to enable them work in the plant.
It said that Alison-Madueke, who doubles as the Chairman of NCDMB’s Governing Council, also confirmed that the board’s headquarters’ building project would cost over 200 million dollars.
It said that the board had commenced the training of 100 artisans, who would eventually work in the project to ensure adequate participation of Nigerians youths in the project,
The statement also identified the Oil and Gas Industrial Park as another major development which will create opportunities for Nigerians, including Bayelsa indigenes.
The statement also quoted the minister as saying that about 100 millions investment would be sunk into the project while infrastructure construction would commence later in 2014.
“The facility will provide a platform for the manufacturing of components of the oil and gas industry equipment and create over 50,000 jobs.
“Nigerians have been given first consideration in various areas in the oil and gas sector in line with the provisions of Nigerian Content Act.
“These areas range from award of oil blocks, oil field licenses, oil lifting licenses,” it stated.
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Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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