He proposed developing domestic refining capacity, which would have a multiplying effect on midstream derivatives such as the petrochemical industry, methanol, ammonia production, and LPG. This, in turn, would spur industrialisation and improve revenue for economic development.
“Alternative funding mechanism must be sought and pursued vigorously to assuage the effect of de-funding of fossil fuel. Such mechanisms could include pre-export financing, project financing, oil for service agreements and prioritisation of gas development being the adopted transition fuel, ” he said.
Engr. Komolafe pointed out that the adoption of advanced technologies is crucial in transforming the upstream sector, improving production and delivering benefits to government and investors. “As the world is fast gravitating towards digitisation and automation in all spheres of human endeavours, we must not be left behind.
“To this end, we have embarked on the optimization of the Enterprise Data Warehouse to improve our workflow processes; the Revenue Ledger and Information System portal for companies to submit all local and foreign royalty payments; the National Balance of Payment portal for reporting inward and outward direct investment associated with crude oil export; Asset Management Web Portal for Marginal Fields and petroleum facilities, and many others that are intended to improve delivery on our mandate...
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