Oil & Energy
‘Poor Corporate Governance, Bane Of Oil, Gas Industry Growth’

The Nigerian National Petroleum Company Limited (NNPC) has identified poor corporate governance, transparency and efficiency as affecting operations in Nigeria’s oil and gas industry.
The company, therefore, said it has become imperative for upstream stakeholders in the nation’s oil and gas industry to strengthen their corporate governance structure.
Executive Vice President (EVP), Upstream, Udobong Ntia, made the remark while speaking at the Upstream Governance, Risk and Compliance Workshop, themed: “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector” in Lagos.
Corporate governance challenges in the nation’s oil sector are multifaceted and complex and one major issue is the lack of transparency and accountability in the operations of oil companies, particularly Multinational Corporations (MNCs), the Company observed.
Ntia emphasised that governance, risk management, and compliance were at the heart of NNPC’s ‘core values of integrity, excellence and sustainability’.
The Executive Vice President commended the upstream leadership and regulators for supporting the initiative to assemble stakeholders to discuss issues that have a bearing on individual and collective success towards attaining the clear mandate of sustainably ramping up the nation’s crude oil production.
He also reiterated his readiness to provide enablers within his purview that would accelerate the implementation of initiatives that would enhance governance, risk management and compliance in the upstream sub-sector.
A statement by the Chief Corporate Communications Officer of the company, Olufemi Soneye, said the workshop had in attendance NNPC’s Chief Compliance Officer, Nasir Usman and NNPC’s Chief Upstream Investment Officer, Bala Wunti.
It was also attended by representatives of industry regulators such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); the Nigerian Content Development and Monitoring Board (NCDMB), and over 20 upstream operators from International Oil Companies (IOCs) in Nigeria.
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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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