The Nigeria Hydrocarbon Measurement Convention (NiHMEC) is about to carry collectively business stakeholders to handle the essential subject of hydrocarbon measurement and accounting in Nigeria’s oil and gasoline sector.
Correct metering and measurement of oil and gasoline manufacturing have been recognized as essential to maximising income era in Nigeria’s oil and gasoline business.
Recall that the chief government of the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), Gbenga Komolafe just lately stated roughly 40 per cent of crude oil losses within the nation are resulting from measurement inaccuracies, not simply theft.
Talking on this yr’s convention, scheduled to be held from October 8 to 10, 2024, with the theme, “Advancing Effectivity in Hydrocarbon Measurement and Accounting” NiHMEC chairman, Osten Olorunsola, stated the convention will carry collectively some area of interest cream of the oil and gasoline business spanning from individuals round coverage, laws, and extra importantly, the operators to proffer options on cut back the 40 per cent losses attributed to inefficient measurement.
Based on him, whereas it will be tough if not unimaginable to cut back it to zero, decreasing that to 30, to twenty per cent presents a chance to play there when it comes to worth addition to the nation.
He famous that although there are numerous conferences within the oil and gasoline business, the problem of measurement in addition to the accounting of it appears to be one space that just about doesn’t bubble as much as the floor in discussions, regardless of being very essential to the income era drive of the federal authorities.
Olorinsola additionally famous that internationally, the measurement of hydrocarbons, whether or not it’s oil or gasoline, has at all times been a distinct segment space of the enterprise, so not many individuals are concerned in it.
Based on him, measurement is essential to Nigeria, “Not simply since you wish to report, however truly actually you wish to be exact when it comes to your income era. And if there’s any massive drawback we now have right now in Nigeria, it’s revenues.
“If someone can simply put $20 billion now in our international reserves, plenty of the problems the nation is dealing with at the moment will simply die down in a single day. That’s actually the issue. So we predict as a physique, bringing this area of interest space of our enterprise into the fore, we definitely will likely be contributing quite a bit to Nigeria’s income era,” he stated.
Additionally talking, managing associate at Fleissen & Firm, organisers of NiHMEC Dr. Sunday Kanshio, stated correct measurement is the lifeblood of the oil and gasoline sector.”
“NiHMEC 2024 gives an unparalleled alternative for business leaders to advance greatest practices in hydrocarbon measurement, metering, and manufacturing accounting, finally decreasing losses and maximising income for all stakeholders,” Kanshio stated.
NiHMEC 2023 and former editions have garnered substantial assist from each authorities entities and business giants, together with NUPRC, NMDPRA, PTDF, NCDMB, NNPCL, First E&P, Seplat Power, Aradel, Waltersmith, and Trexm. Constructing on this success, NiHMEC 2024 is about to welcome each new and returning companions to affix this influential occasion.
