Uganda National Oil Company (UNOC) boss Dr Josephine Wapakabulo has rooted for digitalization in oil and gas operations as the country prepares for oil production by 2021.
“UNOC can leapfrog the digital transformation through strategic partnerships,” said Wapakabulo.
She said Artificial Intelligence and cyber security remained key for the future of oil and gas industry.
The UNOC chief was speaking Tuesday at the Abu Dhabi International Petroleum Exhibition & Conference in Abu Dhabi, UAE.
The 2014-2016 oil price collapse made digitalization in oil and gas an essential tool to cut costs as revenues plummeted.
That drove companies to seek partnerships to build digital capacity and pool the costs of innovation.
As the pace of digitalization increases, the vast flows of new data have deepened and accelerated the cycles of learning and transition.
It’s understood just like other companies in many countries, UNOC is experimenting with how they organize to integrate digital capacity, automation and artificial intelligence.
Independents have focused on immediate, operational applications, and as a result have achieved tangible cost efficiencies.
ChimpReports understands that UNOC, a petroleum company owned by the Ugandan government, will have to accelerate data-driven analytics and also move Research and Development centers closer to field operations.
World over, these measures are producing significant upstream cost savings – from unconventionals to deepwater and from well construction to extreme demanding.
During the panel discussion, the moderator said Wapakabulo was the only CEO with data scientist background at the table of CEOs, and yet data and AI were key for the future of the sector.
Other panelists included Tânia Munhequete, Board Member & Vice President Engineering & Project Development, Empresa Nacional de Hidrocarbonetos (ENH), Mozambique; Kholly Zono, Acting Group, Chief Executive Officer, PetroSA, South Africa; Wale Tinubu, Group Chief Executive, Oando and Sadeeq Mai-Bornu, Deputy Managing Director, Nigeria.
Meanwhile, Wapakabulo also presented opportunities in the oil and gas service industry, EACOP, the refinery, storage terminals, Kabaale Industrial Park and Exploration.
She said Uganda remained a very conducive investment environment ready for business and encouraged potential investors to participate in these oil and gas opportunities.
Wapakabulo also highlighted non-oil opportunities for investment and showcased Uganda is an excellent holiday destination.