Nigeria’s oil and gas sector is set to undergo a digital transformation as Huawei prepares to unveil the Digital Oilfield IoT solution at the Nigeria International Petroleum Summit (2020) in Abuja.
The Digital Oilfield IOT Solution is based on the 4G eLTE technology which will help the oilfield to
realize the full wireless network coverage and connection of things and people. This will enable Oil
and Gas companies monitor the running efficiency of production facilities in real-time, optimize
production management approaches and organizational structure, increase work efficiency, reduce
labor costs, and possess strong data support for more effective decision-making.
In a statement, Huawei said the solution is capable of helping oil and gas companies achieve 2 to 7 percent more yields, 5 – 9 percent higher recovery rate, and 5 – 20 percent fewer costs, which is expected to bring growth to the industry. To date, Huawei’s oil and gas solutions have been applied in 45 countries and regions around the world, serving 70 percent of the global top 20 oil and gas companies.
IoT represents many opportunities in the oil and gas sector which is why many corporations are increasing their investments in the technology. Researchers claim, in as little as 4 years the market for IoT in O&G worldwide is set to reach $39.40 billion
Tank Li, Enterprise managing director, Huawei Nigeria said with IoT as an essential element of digital oilfields, Huawei’s solution can support Nigerian oil and gas companies to achieve visualised production, efficient collaboration and HSE management,
“All these will also help accelerate the move towards an all-digital oilfield and contribute to the digital transformation of oil and gas industries,” he said.
The NIPS2020 event will hold for three days 10th – 12th, February, 2020. President Muhammadu Buhari is expected to open the event at the NICON Luxury Hotel by 10am on the 10th of February, 2020. Meanwhile, the rest of the event will hold at the International Conference Centre (ICC), Abuja, Nigeria.