Oil

Cost Optimization: Key Factor for Oil and Gas Industry- Awoyomi

The Managing Director, National Engineering and Technical Company (NETCO), an engineering, procurement and construction, a subsidiary of Nigerian National Petroleum Corporation (NNPC) Limited, Engr. Johnson Awoyomi, has harped on the need for young engineers to embrace on the principles of cost engineering that will enable them to achieve the desire impact in their chosen profession.

Awoyomi spoke in an interactive session with young engineers at the Nigerian Association of Petroleum Explorationists (NAPE) 2021 conference and exhibition in Lagos. He noted that cost optimization is a key factor in navigating the challenges facing the industry.

“When we are transiting into energy, we must cost optimize to ensure we have seamless transition from oil to gas, from gas to renewables and competitiveness. There is no way you can be competitive if you are not optimizing and this is very important.”

Cost optimization is a global practice and the company that embarks on it is on the right path.

He advised young engineers to upscale and update their knowledge of cost engineering to involve the management of project cost through activities like: cost estimation, cost control, cost forecasting, investment appraisal and risk analysis.

Comment here