Nigeria’s oil and gas Industry is still very attractive and promising to investors, in spite of various challenges facing the global oil industry since 2014, Engr. Simbi Wabote, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).
Wabote, who spoke during a panel discussion at the BHGE 2018 Annual Meeting in Florence, Italy recently, emphasised the need for investors to make Nigeria their destination in the oil and gas industry.
The theme of the Annual Meeting is – “AM 2018 Investing Smarter Ways”.
He also spoke on price volatility and other challenges in the global oil mix, ’’from that from an African perspective, “the concern for me is the emergence of artificial intelligence and robotics and how these impact on people”.
He advised international oil companies to pay close attention to this fact as well as environmental stewardship, as well as charged operators and service companies to avoid mistakes of the past and conduct their businesses with transparency.
Speaking Mr. Lorenzo Simonelli, Chairman & CEO of Baker Hughes a GE (BHGE) had highlighted the various challenges, including market volatility, threat of emerging technologies and digitalization, energy transition to cleaner fuel sources and the demands of energy affordability, security and sustainability..
Besides, the members of the panel agreed that “meeting the world’s energy needs isn’t going to be easy” and that the “changing market realities and constant uncertainties mean that the industry will continue to face pressures from all directions”, making the case for investing smarter ways.
BHGE Annual Meeting is one of the most anticipated event in the industry. It brings together global industry leaders to debate key issues and learn about latest technologies and innovative solutions to operational challenges.