Technology useful for achieving efficiency in oil sector operations – Tinubu

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The Group Chief Executive of Oando, Mr. Wale Tinubu, has said that efficiency in oil firms’ operations is essential in the current low oil price environment and that technology could be useful in this regard, The Nation reports.

He said this at the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC) in the United Arab Emirates (UAE). Tinubu said a bigger drive towards efficiency was paramount in operations across the value chain due to the current climate of lower oil prices and that technology was helping in terms of “faster, cheaper” decision making.

On the impact of technology on the operations of oil firms, he said: “Technology tends to be innovative and on a trial and error basis with more of the ‘independents’ like Oando.” Adding that “Many opportunities arise to test out these technologies although many challenges still prevail.”