Oil and gas expert, Kingsley Akeni, has said the complex world of oil and gas upstream operations requires a strategic approach to thrive.
The expert in an interview with journalists threw more light on how he developed the RIGS framework—Regulatory Compliance, Innovation, Global Standards, and Sustainability—as a guiding principle for industry leaders.
Akeni, who parades over two decades of oil and gas industry experience, further reiterated the importance of the RIGS framework in addressing the challenges of upstream operations, particularly focusing on oil-producing countries’ production and adherence to OPEC regulations.
“Regulatory compliance is indeed the backbone of our industry,” Mr. Akeni remarked.
He said, “For oil-producing countries, adhering to both local and international regulations ensures not only operational safety and efficiency but also environmental sustainability. OPEC regulations play a crucial role in stabilizing the global oil market by setting production quotas and guidelines that member countries must follow. This helps balance supply and demand and prevents market volatility.”
Mr. Akeni highlighted Nigeria’s compliance with OPEC production quotas as essential for maintaining its reputation within the organization and contributing positively to global oil prices. He said, “Regular audits, continuous staff training, and leveraging technology for compliance management are steps that oil-producing countries can take to ensure adherence to these regulations,” he added.
Discussing the role of innovation, Mr. Akeni stated, “Innovation is the lifeblood of the oil and gas industry. The advent of Artificial Intelligence (AI), digital twins, and automation presents unparalleled opportunities to enhance exploration and production capabilities. AI can revolutionize predictive maintenance, reservoir management, and drilling operations, reducing costs and improving efficiency.”
He further explained, “Digital twins allow us to create virtual replicas of physical assets, enabling real-time monitoring and predictive analytics. Embracing these technologies is crucial for staying competitive and driving growth, especially in a regulated environment like ours.”
“Adhering to global standards is imperative for maintaining our competitive edge,” Mr. Akeni noted. “International certifications such as ISO 14001 for environmental management and ISO 45001 for occupational health and safety set benchmarks for operational excellence. Implementing industry best practices and learning from global leaders enhances our capabilities and ensures that our operations are safe, ethical, and sustainable.”
He emphasised the importance of cross-border collaboration and partnerships, which enable the sharing of knowledge, resources, and innovations, driving the industry forward.
“Sustainability must be at the heart of our operations,” Mr. Akeni insisted. “Balancing energy production with environmental stewardship is not just a regulatory requirement but a moral obligation. Conducting thorough environmental impact assessments, exploring renewable energy integration, and engaging with local communities are critical steps.”
Akeni pointed out that Nigeria’s abundant gas reserves, estimated at 209 Tscf, present significant growth opportunities. “Embracing sustainable practices in harnessing these resources is key to our future success,” he said.
Akeni’s journey in the oil and gas industry began with the 2010 indigenization policy of the Federal Government of Nigeria, which empowered local firms to play specialized roles.
“Over the past decade, we have made significant strides in environmental sustainability and production optimization, contributing to enhanced capabilities for our clients. Our approach combines resilience, innovation, and a relentless pursuit of excellence,” Mr. Akeni shared.
“The future of the oil and gas industry, particularly the upstream sector, is filled with promise,” Mr. Akeni concluded. “The integration of AI, adherence to global standards, and a steadfast commitment to sustainability will define our success. The gas sector, with its vast reserves, represents a significant opportunity for growth and development.”
By aligning strategies with the RIGS framework, Akeni believed that the industry can navigate the complexities of upstream operations, ensuring a robust, competitive, and sustainable future.
