OTLAfrica2020: Oil Companies must invest in personnel for technology operation — PwC

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By Joseph Bamigboye

The Country Rep. of PwC Nigeria Uyi Apata has called on oil companies to invest in their personnel so as to achieve technological operation.

PwC Country Rep. made the call on Thursday during the Oil Trading and  Logistics Africa Downstream Week, conglomeration of the downstream value-chain stakeholders which was held virtually.

PwC Nigeria provides industry-focused assurance, advisory and tax services to public, private, and government clients in all markets.

Apata said  “as investments are made in technology, oil companies must make commensurate investment in their personnel as a critical component for the successful operation of the technology.”

He said “companies must develop a digital strategy because digitization improves profitability. However, they must understand new tech before investing in it.”

On the issue of sources of finance for pipelines and storage assets, Apata, said “Downstream industry operators should form a common front to explore National Pension Commission (PenCom), funds for asset finance.”

Speaking at the event,  the COO of OVHEnergy, Mumini Dagazau added that “the application of technology in downstream operations needs to be situated in context as it has the potential to be a double-edged sword.”

Dagazua also said “the primary drivers of technology in downstream differ in line with operational peculiarities.

“In Africa for example, the emphasis is on system monitoring rather than driving efficiency due to prevalent issues of theft, fraud etc.”

He said “the Petroleum Industry Bill (PIB)  which has been dangled for quite a while if passed, will give confidence in technology deployment and  infrastructure investment in the sector.”