SPE Bets on Stability, Home-grown Tech to Fill Oil Supply Gap

Peter Uzoho 

Chairman of Society of Petroleum Engineers (SPE) Nigeria Council, Mr Francis Nwaochei, has stressed the need for Nigeria and other African countries to leverage regional stability, existing oil and gas assets, and homegrown technology to enable the continent to take advantage of the 10 million barrels per day oil supply gap opportunity created by the current crisis in the Middle East. 

Speaking to THISDAY at the just-ended Offshore Technology Conference (OTC) in Houston, United States, Nwaochei said the global conversation was now on an energy mix rather than a single transition path, and that Africa was increasingly in focus.

He stressed that becoming a technology leader, not just a consumer, was critical if Nigeria and Africa were to sustain production growth and economic gains from the current global supply disruption. He pointed to Guyana as a model for Nigeria, noting how the South American country is managing the entire value chain from production to real estate and infrastructure. 

“I think we have also an opportunity, even right now, too, whereby the focus is kind of shifting to Africa, to take advantage of that and also leverage best practices to ensure that we, too, maximize the opportunity,” Nwaochei said.