An oil and gas expert, Mr Vincent Ajilo, has urged the Federal Government and investors in the oil and gas sector to embrace alternative crude oil evacuation system to increase oil production in the country.
Ajilo stated this at the pre-convocation lecture of Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa on Monday.
Ajilo, who was the guest lecturer at the occasion, spoke on the topic: “Alternative Crude Oil Evacuation System in the Blue Economy.”
According to him, Nigeria has the best oil and gas reservation and production in the world, adding that the inability to account for it had been the major problem.
Ajilo, the President and Chief Executive Officer of Ajivin Group of Companies, said several challenges, such as pipeline vandalism, oil theft and insecurity, were affecting Nigeria’s oil production capacity and its inability to boost the blue economy and revenue generation.
He said that the ACOES model presents a transformative approach to crude oil evacuation within the blue economy by integrating offshore storage facilities and marine logistics.
According to him, the ACOES model will enhances security, production and revenue, while also improving efficiency and promoting environmental sustainability.
“As crude oil shifts towards marine-based solutions, government, oil investors and industry players must embrace ACOES as the future of crude oil handling,” he said.
Ajilo also urged government to encourage more regulatory synergy with oil investors and other industry players in order to boost oil production for more revenue generation in the blue economy.
The oil and gas expert called on government to accelerate the implementation of host community trust fund as contained in Petroleum Industry Act (PIA), targetted at developing oil producing communities in order to increase production.
“Government’s investment in modern marine logistics and adoption of green technologies will also boost oil production and increase revenue in the blue economy,” he stated.
In his remarks, the institution’s Vice-Chancellor, Prof. Temi Ologunorisa, commended the guest lecturer, stressing that it was an eye opener for oil and gas industry in the country.
“Blue economy is a paradigm shift now; it is going into the ocean and exploiting its resources.
“That is the area we are keying into in our institution, as we are establishing a Maritime Academy in Ugbonla soon,” Ologunorisa said.
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