OPEC Ranks Nigeria 3rd Best In Data Submission

By February 27, 2018 Investment News

The Organisation of Petroleum Exporting Countries (OPEC), yesterday disclosed that Nigeria ranks third among member countries in data submission. Commending the performance, OPEC Governor for Nigeria, Dr Omar Ibrahim said the country has done well in the provision of credible data in the oil and gas sector. Dr. Omar who spoke with journalists at the opening of a two-day “OPEC Data Management Training” on the completion of OPEC Annual Questionnaire for member countries in Abuja, said, Nigeria’s record at data submission has improved in recent time.

“The timeliness of the submission of our data has improved tremendously, I believe that as at today we are the third in the hierarchy of data submission,’’ he said. Speaking on what used to obtain in the past, he said, “We have always lacked behind most OPEC countries in data submission as well as the accuracy of data that we have been submitting. “But in the last three years, things have changed, OPEC is very happy with us; the accuracy of our data has improved tremendously.”

Commenting on the training, he said the major focus would essentially be on every part of data from crude oil production, Nigeria’s GDP and oil consumption. Other areas of focus, he said were in gas, refinery run and virtually everything about oil. In her welcome address, permanent secretary, Ministry of Petroleum Resources, Mrs Folasade Yemi-Esan, stressed the need for Nigeria to have data repository where scholars and researchers can assess accurate data relating to the nation’s oil and gas industry. Folasade said the question of accurate data repository in the country must be addressed.

“The need for a local repository to serve the nation’s oil and gas industry cannot be over emphasized,” she said. In his welcome address, executive secretary, PTDF, Dr. Bello Gusau, described the workshop as an opportunity for the agency to express its strategic objectives to engage more effectively with key players in the oil and gas industry by making valuable contributions that will further enhance capacity building of personnel and operators. “In alignment with the National Policy in the industry, PTDF re-strategized to focus on six priority areas, one of which is the development of Centres of Excellence to ensure that the value derivable from its capacity interventions are retained in-country,”

he said. The head OPEC Data Management Service, Dr. Adedapo Odulaja emphasized the need for transparency in data gathering and the need to ensure the proper development of human capacity to carry out the assignment. He stated that the training became imperative as OPEC recently introduced new process to its data gathering structure.

The workshop is expected to acquaint participants on the functionality of the new template for annual questionnaire introduced by OPEC Secretariat for member countries in relation to their crude oil production, proven reserves, export and refining capacity profiles. Copyright LEADERSHIP. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP.