The Executive Chairman of IoT Africa Networks Ltd, Mr. Lare Ayoola has highlighted the ways by which the oil and gas sector is saving operational expenses by leveraging real-time data.
The oil business according to him is characterized by opportunities and challenges which is why the sector lose billions of dollar yearly through gas explosion, vandalism, and theft.
To continually stay relevant in the competitive business world requires industry players to leverage innovations to produce and run business processes that are most cost-effective.
As the biggest player in the African Oil sector, Nigeria aims to generate higher profits through efficient oil and gas industrial processes.
This according to him became necessary since the Nigerian Oil and gas sector is responsible for about 95% of the country’s foreign earnings.
Oil and gas companies typically have numerous remote assets that require monitoring which increases operational expenses. Traditionally, these assets utilize the following monitoring systems:
- Programmable Logic Controller (PLC) systems: The cost of setting up a wired system is typically quite high.
- Satellite Communications: Requires numerous expensive satellite communication links to deliver information.
- Physical Monitoring: A substantial amount of effort and manpower is required to monitor oil and gas fields.
In a bid to address the challenges facing the industry, IoT Africa Networks Limited organized a two-part webinar series tagged: “Digitizing The Oil & Gas Sector with IoT” which was attended by over 250 industry experts.
Mr. Ayoola while addressing the attendees highlighted ways by which the oil sector can save 10% to 40% of operational expenses and scale up business efficiency by 25% leveraging real-time data to monitor assets, predict breakdowns, and schedule routine maintenance.
The virtual event shed more light on how IoT-connected wireless technology is helping the oil and gas companies optimize their pumping operations; maintain the pipes and wells; monitor equipment failures and gas leaks; monitor pipe pressures and temperatures; and erosion in a refinery.
“IoT Africa Networks Ltd, in partnership with Sigfox, enables you to observe your entire asset tracking network be it industrial, commercial, business, or residential in a convenient and budget-friendly manner.
You might not be able to rely on electricity in Nigeria, but you can rely on Sigfox. This is because the Sigfox devices can be powered without electricity. Their battery life can last for more than four years on a single charge”, Mr. Ayoola said.
The Senior Vice President, OleumTech Corporation, Brent McAdams, was on hand to shed more light on how tapping IoT connectivity in oil & gas can engender higher performance and increased revenue.
Also in attendance at the virtual event were, Engineer Anthony Okuyelu, former MD NAPET Telecoms NNPC, and Adeshile Adetokunbo, MD, ARIL Technologies Limited who shed light on how companies can implement a Successful Digital Oilfield and Gas Supply Chain strategy during the panel session.
IoT has come to stay as it is permeating the everyday life of the people across the global space including the oil and gas sector.
Obviously, there has never been a better opportunity for industries to embrace the change IoT brings. IoT saves resources and makes business operations seamless in the new business order.
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