Oil & Energy
African Countries Move To Upturn Global Oil Price
PriceWaterCoopers (PWC), a
global financial consultant, on Wednesday said that activities in the African oil and gas industry slowed down in the wake of declining oil prices in late 2014.
PwC said in statement issued on Wednesday said their conclusion was the fruit of the 2014 Survey on the activities of oil and gas industry in the major and emerging African economies.
“While the oil price has caused activity to drop, it has also served as a wake-up call to many African governments, which are working hard to pass favourable oil and legislation.
“The Legislation is aimed at attracting investment into the sector,’’ it said.
According to it, Kenya, South Africa and Tanzania were currently overhauling oil and gas legislation with a view to making it more investor-friendly.
The statement said that the oil price reduction had resulted in significant reduction in headcount and other cost cutting measures in the industry.
It said that major operators in the industry have been forced to cut down on capital budgets, leading to a decrease in frontier exploration.
“While response to such a drastic decline is necessary, we have seen that most successful organisations are taking time to re-set, re-strategise and plan for the upturn in prices, which will inevitably come.
“ Africa should be no exception as many of the frontier exploration players lie on the continent,’’ it said.
It noted that 2014 ended with Africa having a proven natural gas reserves of just under 500 trillion cubic feet (Tcf) .
It also said that 90 per cent of the continent’s annual natural gas productions were coming from Nigeria, Libya, Algeria and Egypt.
The statement said that issues of uncertain regulatory framework, corruption and poor physical infrastructure were the major challenges of operators in 2014.
It identified the price of oil and gas, skill retention, and asset management and optimisation as the major focus of stakeholders in the industry for the next three years.
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Oil & Energy
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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