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Huawei, a global Information and Communications Technology infrastructure provider, says it its newly introduced ICT solutions for higher safety and efficiency in the Nigerian oil and gas will transform the sector.

The company unveiled the products while participating at the ‘Nigeria International Petroleum Summit 2021’ in Abuja, according to a statement on Friday.

“Huawei hosted a forum to discuss how to drive data to barrel and set up an exhibition booth to showcase its ICT innovations such as Oil and Gas IoT, Digital Pipeline, HPC and LP Operations Management, and Smart Distribution,” it stated.

According to Huawei, the innovation was introduced to Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, who visited Huawei’s exhibition booth with other dignitaries, including the Group Managing Director of Nigerian National PetroleumCorporation, Mele Kyari, and the Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu.

Huawei’s Energy Account Director, Raymond Wang, had stated in Abuja that the solutions could speed up oil search and improve its accuracy, increase production and reduce costs, monitor oil depot data to reduce oil stealing and oil leakage. With emerging trends like Big Data, Internet of Things, Artificial Intelligence, 5G and Cloud.

According to the statement, a third-party report showed that the digital maturity of the oil and gas industry is still far lower than that of heavy asset industries such as transportation, telecommunications, banking, and industrial manufacturing.

“Unlike these industries, the oil and gas industry has invested only a small amount of available data into the decision-making process. A digital strategy can, therefore, greatly boost development, specifically.

“It can also help unlock more promising values such as predictive maintenance, remote operations centres, dynamic energy selection mode, omni-channel retailing, and connected service fields.

“It is believed that this will improve the social values of the oil and gas industry, including saving money, higher productivity, lower water consumption, and smaller carbon dioxi emissions,” the statement read.

The report also stated that the digital strategy was projected to create around $1.58tn in value for the oil and gas industry between 2016 and 2025, Financial Street gathered.

“Undoubtedly, we can say that the oil and gas industry is at a crossroads and in urgent need of digital transformation,” Wang said.

He noted that Huawei’s mission was to promote digital transformation and reduce the digital gap across all industries.

“For the oil and gas industry in Nigeria, we have several targets,such as; improving production by about five per cent to boost revenue and the Gross Domestic Product; Health Safety and Environment can be greatly improved to reduce accidents for a safer and more secure oilfield; Operation and Maintenance cost can be reduced each year to N15m in total; Visualisation, Monitoring and Security Management of Pipeline and full process of oil depot; curbvandalism and oil leakage by providing innovative solutions tomonitor illegal operations in oil depot, thereby significantly reducing oil tampering; ensure the Exploration and Productionprocessing speed is reduced from the average hour level to the minute level; improve E&P processing accuracy, that is, E&P dataprocessing error rate will be reduced from an average of 10 per centto two per cent; help E&P companies to find oil more accurately and faster to realise data to barrel,” Wang added.

He mentioned that “in line with the Sustainable Development Goals, Huawei also has its focus on renewable energy technologies to drive green and more environment-friendly energy.”