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By Adewale Sanyaolu
The Group Managing Director, Aiteo Eastern E&P,, Mr. Victor Okoronkwo, has stated that financial leadership and risk management would remain the key areas of focus for Upstream oil and gas companies.
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Okoronkwo stated this in his address at the Society Of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPEOLEF) held in Abuja recently. With the theme ‘’Operational Excellence and Portfolio Optimisation – Way Forward for The Oil and Gas Industry Post Covid-19’’. The Aiteo Group boss, observed that the oil and gas industry is still grappling with the aftermath of the crash in global oil price and collapse in demand which were triggered by the COVID 19 pandemic.
He stated, “This phenomenon has accelerated new paradigms in portfolio optimisation and supply chain balance in the industry. With the price volatility, geo-political tussle between Russia and Saudi Arabia experienced during the first wave of global covid lock down, financial leadership and liquidity risk management will remain major areas of focus for Upstream oil and gas companies. Digitisation and Big Data have also become key tools for success in the industry and will gain even more prominence in a post COVID era.” In his opinion, the lock down has demonstrated that, with increasing speed and capacity in connectivity (like 5G), digital tools are no longer just enabling communication.
