… this would help drive investment decisions, allows seamless operations
International and local Stakeholders in the downstream sector of the Nigerian Petroleum industry have called on government agencies regulating the sector to invest in data gathering infrastructure that would be useful for industry operations and also enable stakeholders make prompt and useful decisions.
The stakeholders specifically call on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to invest in infrastructure for data gathering for the benefit of everybody.
They also stated that when data are harnessed the agencies should ensure that the public have access to them. According to them, if the NMDPRA is able to generate data the operation of the industry would be seamless and less cumbersome.
“It has to put up that information on its website, which investors, marketers, operators and everybody can access.
Investment decisions they said are driven by data analysis and as matter of fact, data forms the basis of every decision that is taking in the industry.
NMDPRA taking up the responsible would enable the operators to have reliable and sustainable data that would greatly enhance decision making in the industry.
The stakeholders that made this demand while speaking during a virtual workshop on World International Data Day organized for stakeholders by Major Oil Marketing Association of Nigeria (MOMAN).
Operators in the sector are also advised to automate their operations as that would help both the regulating agencies and other stakeholders in the area of data collection.
Their services being automated will help them on data generation, improve product delivery storage utilisation and profitability, the stakeholders said.
Clement Isong, the Chief Executive Officer of MOMAN, in his opening remarks at the event spoke on the importance of data and automation in the downstream business.
According to him, data on products demand on refined fuels and lubricants could streamline operations, improve product delivery, storage utilisation, among others.
“The automation would also ensure transparency, excellent customer service, eliminate fraud, corruption and boost the reputation of the industry.
“Our position in MOMAN is that we are looking for the automation of the entire supply chain. It means everybody needs to invest in order to optimise their businesses.
“Eventually, the beneficiary is the customer. It is good for corporate governance. It removes people’s ability to steal.
“And the authority, NMDPRA, itself, has got to invest in infrastructure for data gathering and has got to do a preliminary analysis of that data.
“It has to put up that information on its website, which investors, marketers, operators and everybody can access.
“On that basis, optimise the business and make investment decisions. It is fundamental to a deregulated system.
“It improves the quality of decision-making as well as transparency and eliminates bad behaviors as well as fraud and theft.
“You have to shine your light and darkness and bad practices will disappear. This is very important,” lsong added.
The lead political analyst, Ikponmwosa Aikhionbare, said that Ghana launched the Bulk Road Vehicle Tracking System (BRVTS) to track the movement of petroleum products from depots to retail outlets.
“The system uses GPS technology to monitor the location, speed, and fuel consumption of trucks transporting petroleum products.
“In India, the government has implemented a system called the Automated System for Oil Movement and Storage (ASOMS), which tracks the movement of petroleum products through the supply chain.
“The system uses data analysis to monitor product quality and identify potential issues before they cause defects or safety hazards,” he said.
The virtual workshop was attended by energy journalists and stakeholders in the oil and gas industry.