By Esiedesa, Abuja

Technology solution provider, Huawei has stated that its technology solutions have the capacity to boost Nigeria’s oil production by five percent and improve revenue by $200 million annually.

Enterprise Managing Director of Huawei Technologies Company Nigeria Limited, Michael Zhuang, who spoke at the ongoing 2020 Nigeria International Petroleum Summit, NIPS, said the company has been operating in Nigeria for over two decades supporting local and international companies with latest technology.

Zhuang, at the session hosted by Hauwei with the theme: Driving Data to Barrel, said Huawei “is dedicated to promoting digital transformation and reducing the digital gap in all industries.

“In Nigeria, we have partnered with both International and local oil Companies in Upstream, middle stream and downstream to promote Oil & Gas digital transformation and we remain committed to continuously provide our support and innovation”.

He noted that the company’s Oil & Gas solutions have been applied in 45 countries and regions around the world, serving 70 percent of global top 20 oil and gas companies.

“We have incorporation to build more than 46,000 KM of Digital Pipelines Globally”, he added.

On how the company intends to plan to drive data to barrel, he said for upstream the company would speed up oil search and search accuracy.

“For Production data: increase production and reduce costs and for Pipeline data: Monitor oil depot data to reduce oil stealing and oil leakage”.

Also speaking at the session, energy expert, Prof. Wumi Iledare advocated for the quick passage of the Petroleum Industry Bill, PIB, noting that the opportunity to have a good law must not be sacrified on the altar of a perfect law.

He said: “This bill is not perfect but it is good enough for us to start after 20 years of attempting. There three important chapter and you all know about it. The chapter on governance is to help us solve this amorphous governance process that we have.

“That bill is going to separate policy from regulations and from commercial. The only bone of contention that is still there is the reason why the PIB was not signed originally, which is there are some who wanted two regulatory institutions and there are some of us who said one regulatory agency is enough for what we have in Nigeria”.

He expressed reservation on the technical capability at the Ministry of Petroleum Resources to allow for continuity of policies, calling for the reorganisation of the Ministry to separate technical from administration.