Oil and fuel skilled, Kingsley Akeni, has stated the advanced world of oil and fuel upstream operations requires a strategic method to thrive.
The skilled in an interview with journalists threw extra mild on how he developed the RIGS framework—Regulatory Compliance, Innovation, World Requirements, and Sustainability—as a guideline for trade leaders.
Akeni, who parades over twenty years of oil and fuel trade expertise, additional reiterated the significance of the RIGS framework in addressing the challenges of upstream operations, significantly specializing in oil-producing international locations’ manufacturing and adherence to OPEC laws.
“Regulatory compliance is certainly the spine of our trade,” Mr. Akeni remarked.
He stated, “For oil-producing international locations, adhering to each native and worldwide laws ensures not solely operational security and effectivity but in addition environmental sustainability. OPEC laws play an important position in stabilizing the worldwide oil market by setting manufacturing quotas and pointers that member international locations should comply with. This helps steadiness provide and demand and prevents market volatility.”
Mr. Akeni highlighted Nigeria’s compliance with OPEC manufacturing quotas as important for sustaining its status throughout the group and contributing positively to international oil costs. He stated, “Common audits, steady employees coaching, and leveraging expertise for compliance administration are steps that oil-producing international locations can take to make sure adherence to those laws,” he added.
Discussing the position of innovation, Mr. Akeni said, “Innovation is the lifeblood of the oil and fuel trade. The arrival of Synthetic Intelligence (AI), digital twins, and automation presents unparalleled alternatives to boost exploration and manufacturing capabilities. AI can revolutionize predictive upkeep, reservoir administration, and drilling operations, lowering prices and bettering effectivity.”
He additional defined, “Digital twins enable us to create digital replicas of bodily belongings, enabling real-time monitoring and predictive analytics. Embracing these applied sciences is essential for staying aggressive and driving progress, particularly in a regulated atmosphere like ours.”
“Adhering to international requirements is crucial for sustaining our aggressive edge,” Mr. Akeni famous. “Worldwide certifications similar to ISO 14001 for environmental administration and ISO 45001 for occupational well being and security set benchmarks for operational excellence. Implementing trade greatest practices and studying from international leaders enhances our capabilities and ensures that our operations are secure, moral, and sustainable.”
He emphasised the significance of cross-border collaboration and partnerships, which allow the sharing of information, sources, and improvements, driving the trade ahead.
“Sustainability should be on the coronary heart of our operations,” Mr. Akeni insisted. “Balancing vitality manufacturing with environmental stewardship is not only a regulatory requirement however an ethical obligation. Conducting thorough environmental affect assessments, exploring renewable vitality integration, and interesting with native communities are important steps.”
Akeni identified that Nigeria’s plentiful fuel reserves, estimated at 209 Tscf, current vital progress alternatives. “Embracing sustainable practices in harnessing these sources is essential to our future success,” he stated.
Akeni’s journey within the oil and fuel trade started with the 2010 indigenization coverage of the Federal Authorities of Nigeria, which empowered native companies to play specialised roles.
“Over the previous decade, we’ve made vital strides in environmental sustainability and manufacturing optimization, contributing to enhanced capabilities for our purchasers. Our method combines resilience, innovation, and a relentless pursuit of excellence,” Mr. Akeni shared.
“The way forward for the oil and fuel trade, significantly the upstream sector, is stuffed with promise,” Mr. Akeni concluded. “The mixing of AI, adherence to international requirements, and a steadfast dedication to sustainability will outline our success. The fuel sector, with its huge reserves, represents a major alternative for progress and growth.”
By aligning methods with the RIGS framework, Akeni believed that the trade can navigate the complexities of upstream operations, making certain a sturdy, aggressive, and sustainable future.
