Oil services expert, Victor Ekpenyong, has recommended the deployment of idle well management strategy and remote well control as key solutions to combating oil theft in the country.
The development will also helps Nigeria maximise oil production to increase revenue and facilitate its energy transition,he said.
Ekpenyong, who is the Chief Executive Officer of Kenyon International West Africa,spoke at the just-concluded Oloibiri Lecture Series and Energy Forum held in Abuja,according to a statement.
The statement which was signed by Kenyon’s Public Affairs Manager, Ifechukwu Muonyili, quoted his boss as saying that oil theft had been the bane of the nation’s economy as it had led to loss of revenue and also resulted in environmental pollution.
He said: “Since oil accounts for the major source of revenue in Nigeria, it behoves on the Federal Government to maximise its oil production by putting measures in place that will deter oil theft and vandalism.An idle well management strategy would enable a well to be decommissioned safely to protect it from being vandalized and restore an abandoned well to full potential when necessary.”
On remote well control , the Kenyon boss explained that it is a technology that can be deployed to protect oilfields facilities and environment from hazards such as blowouts.
Ekpenyong implored the government to integrate the idle well management strategy and remote well control to help reduce the number of emerging idle wells.
He said the approach would boost oil production which could in turn help fund and facilitate a smooth transition into clean energy.
He advocated the need for increase in Nigeria’s oil production ahead of the 2060 energy transition date the Federal Government had set for net zero emission.
He urged the government to leverage the current upsurge in oil prices to earn more revenue.