Expert Bets on Data Integration to Make Oil Assets Bankable

In a discussion with THISDAY, Dr Nadia Albanna, Innovation Director at CypherCrescent, has emphasized the importance of data integration for the upstream oil and gas industry in Nigeria to unlock reserves and attract financing. Albanna clarified that the industry's main issue is not the absence of data, but rather fragmented and unconnected information that hinders operators and investors from obtaining a comprehensive view of an asset.

Albanna stressed that integration of data and knowledge, along with translating it into the actual condition of the asset, is crucial for enhancing asset performance and demonstrating the viability of an investment project. She added that to make a project bankable and financeable, investors must be assured that they have the complete picture, including risk factors and uncertainties related to the regulatory environment, subsurface realities, construction and development challenges.

The expert also highlighted the significance of integrated technology solutions in bridging the gap between technical understanding and financial decision-making. Regarding the increasing focus on artificial intelligence in the energy sector, Albanna acknowledged its potential as a valuable tool, but stressed that its effectiveness hinges on the readiness of data and local expertise.

Albanna pointed out that much of the data in Nigeria and other regions still exists in manual, fragmented formats, necessitating substantial efforts in digitization and establishing robust infrastructure for real-time data transfer and communication.