The Nigerian oil and gas industry may not make the expected headway unless it imbibes operational excellence, culture of institutionalism, as well as acquire recoverable data and attract funding, stakeholders in the industry have said.
Speaking at the Society of Petroleum Engineering, SPE, conference, in Lagos, Mr. Ifeanyi Nwagbogu, Managing Director, MD, Schlumberger Limited, a leading oil services company, who was represented by Mr. Dele Aikhionhare, Director, National Content, Schlumberger, West Africa Oilfield services, said that operational excellence is all about building processes and sustaining such processes.
Nwagbogu also identified unavailability of reliable data as drawback to achieving effectiveness in the industry.
He stated: "The key issue is data. Without data, we can do nothing and the companies that have succeeded worked with data that is discoverable.
"We need to imbibe the culture of institutionalism. It is a shame there is no corporate governance. If you do not have corporate governance, you cannot attract the real money you need to grow your companies. You cannot build corporate organisations in a situation where one man signs every document, cheque, etc. And when he is not around, the company comes to a standstill. It is a clear fact.