NJ Ayuk billions at play

by Shubhangi 2 months ago in economy

How technological excellence can play a crucial role in the overall growth of African oil and gas industry?

NJ Ayuk billions at play

As the entire world around is locked within their places due to the current pandemic situation, economies and financial markets have been the biggest victims. Regardless of whether there is a person indulged in the industrial sector or the oil and energy sector, everyone is facing the heat of the current crisis situation. Presently, this is where the technology sector can bring on a ray of hope for everyone around to think about newer and better ways to make things happening.

NJ Ayuk guardian, one of the most talked-about energy experts and the co-founder of the Centurion law group, likewise insist a similar thought. He was in a discussion with a leading African business daily and talked about the significance of Information technology in boosting Africa's oil and gas industry.

Major drop in global energy demands

He about the big downfall experienced by the energy sector across every part of the globe. He further quotes the recent report shared by IEA that confirms a 20 % drop in global energy demands

Demand and supply chains have received a major blow amidst this pandemic situation and we cannot see it getting god anytime soon. Speaking of the energy production, most of the projects have either been halted or stopped midways due to the ongoing lockdowns across most of the parts around the globe.

It's all about collective damage that has been received by the energy sector irrespective of the renewable or non-renewable source of energy.

Furthermore, the energy production and distribution companies are living on the edge due to a lack of liquidity in their operations.

How can we combat the same situation?

He further says that even though it's quite hard to tackle the current situation, we still cannot call it as- ‘Impossible’. We all have to wish and pray for this virus thing to get over as soon as possible and then come up with ways to rejuvenate the energy and other key sectors in the process.

Speaking of the solution, he talks about the following points in the same regards.

Technology holds the key in this pandemic situation

COVID 19 has pushed the vast majority of the organizations over the globe to intensely depend on tech solutions for help through their day by day activity. From holding each one of those virtual meetings to tracking and checking all the key assets, everything can now be brought under surveillance by bringing the top of the line tech solutions ready.

NJ Ayuk lawyer further said the same technology has helped numerous oil and gas organizations while driving their day to day operations in these emergency circumstances. In his words, " Innovations such as the development of new ways to drill wells and handle equipment, the design of new seismic data collection programs, the management of petroleum data systems, and the monitoring and protection of internet-connected equipment have the potential to redefine how business is done in this sector.”

Tackling the current economic crisis

While discussing his popular book - NJ Ayuk billions at play, he further said that all the African oil and gas organizations must hold hands with the nearby tech firm to bring more flexibility and expertise in their day to day operations.

These organizations should likewise support foreign tech firms so as to import all the required technical skillset and innovative solutions in a similar way. NJ Ayuk additionally said that the administration should likewise bolster these organizations while making increasingly adaptable policies and guidelines to coordinate their tasks.

Summing it up

NJ Ayuk energy chamber has likewise proposed the way that in the wake of falling prices of crude oil in the global markets, governments must give options in contrast to this oil and gas organizations so as they can add to other flexible options to their operations in the common interest of the people and their growth.

Consequently, everybody from the oil and gas organizations, tech firms to the local governments, must meet up to progress in the direction of a better future, while likewise battling with this pandemic all the while.

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