Everyone knows that making sense of data is critical in our age for business. The real question is “Can you refine your data?” In the Nigeria’s energy sector, we have deep opportunities to use data engineering to redesign the industry, and improve the welfare of the citizens. In the petroleum industry, legions of startups can play critical roles when IoT and data engineering come into equilibrium to improve efficiency and overall productivity.
As I noted in a speech few months ago, the greatest moment in a nation happens when entrepreneurs arise. At least in our petroleum downstream sector, PetroTech is due in Nigeria. Yes, we need startups to combine and recombine technologies to bring efficiency in the industry across nexus of distribution, market data sharing, planning and more. I will be speaking on this area next month, along with industry leaders, during Society of Petroleum Engineers international conference in Lagos.
Along with MD of Chevron Nigeria, leaders from Schlumberger, General Electric, etc, we will have deep conversations on how data will improve the utilization of the factors of production for the good of Nigeria in the energy sector. The banks have given us fintech; can the oil sector give us PetroTech with elements for startups to use to improve the sector, removing complexity and advance our nation. That possibility can happen even for the downstream sector, and Eket or Warri will become the PetroTech Valley.
Personally, I have Zenvus and will add a sensor to track fuel volume in trucks, push the numbers through GSM or satellite to cloud, every 10 mins, until it gets to destination. Fuel diversion solved! I am so excited about the promise of digitization and data transformation of the nation’s energy sector.
Refining data is key: last year, China spent $300 billion importing semiconductor chips, more than it did for importing oil. Chips refine the data of nations.
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Well, only if the players there are ready for change. For so long, the Oil sector has be run like a secret cult thing, making everything appearing fuzzy each time one tries to ask basic questions bordering on transparency and efficiency there.
If we can now talk about Fintech, Agrictech, Healthtech; why not Petrotech? Let’s see how much willingness the current gatekeepers will show this time.
That will even be more profitable!