• Saturday, December 09, 2023
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IoT offers opportunity to lower production cost in oil & gas industry – Lanre Ayoola

Opportunity beckons for Nigeria’s $340bn oil industry

For companies in the oil and gas industry to stay competitive, an expert has called for the adoption of modern technologies such as the Internet of Things (IoT) to produce crude oil and refine products at cheaper costs, especially in a low oil price environment.

Lanre Ayoola, executive chairman of IoT Africa Networks Ltd said this at a recent two-part webinar series themed ‘Digitizing The Oil & Gas Sector with IoT’.

He spoke 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, pipe pressures and temperatures and erosion in a refinery.

According to him, oil and gas companies typically have numerous remote assets that require monitoring which increases operational expenses such systems as the programmable logic controller (PLC), satellite communications, and physical monitoring.

In a presentation, Ayoola outlined how oil and gas companies can save 10 to 40percent of operational expenses and increase efficiencies upwards of 25percent by using real-time data to monitor assets, predict breakdowns and schedule preventative maintenance.

“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,” Ayoola said.

“You might not be able to rely on electricity in Nigeria, but you can rely on Sigfox and 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,” he added.

Read also: Nigeria’s oil GDP hits lowest since 2016 as OPEC cut pain, lack of reforms bite deeper

Also speaking during the series, Brent McAdams, senior vice president, OleumTech Corporation shed more light on how tapping IoT connectivity in oil & gas can fuel higher performance and increased revenue.

“IoT has come to stay! There has never been a better opportunity for industries to embrace the change IoT brings, save billions of dollars, and modernize their operations than now,” McAdams said.

Other presentations from Marek Gabryś, vice president, AIUT, and Brown Lee, IoT- sales manager, SeongJi, explained how extremely safe and cost-effective Sigfox devices are when used to collect data from the field and transmit directly to the operator’s platform.

Engineer Anthony Okuyelu, former managing director of NAPET Telecoms NNPC, and Adeshile Adetokunbo, managing director, ARIL Technologies Limited discussed how companies can implement a successful digital oilfield and gas supply chain strategy during the panel session.

The IoT Africa Networks, Sigfox, Tranter IT, Oleumtech, AIUT, SeongJi partnerships are strategic and critical for the development of the oil and gas industry in Nigeria.

The focus for IoT in Nigeria is for companies and cities to connect everything and stay in control of their assets and business operations.

IoT Africa Networks Limited is the exclusive Sigfox Operator in Nigeria and in charge of deploying Sigfox LPWAN Network throughout the country making Lagos, Abuja, Ogun, Rivers states smart-city.

The IoT Wireless Telemetry is a game-changing digital technology for the asset management industry in Nigeria. Tranter IT is the exclusive distributor of many IoT Connected devices in Nigeria.