PTDF SUPPORTS OPEC ON CREDIBLE DATA COLLECTION

//PTDF SUPPORTS OPEC ON CREDIBLE DATA COLLECTION

PTDF SUPPORTS OPEC ON CREDIBLE DATA COLLECTION

 

PTDF SUPPORTS OPEC ON CREDIBLE DATA COLLECTION

Nigeria’s record at data collection and submission to the Organisation of Petroleum Exporting Countries (OPEC) has over the last three years witnessed considerable improvement in terms of consistency, timeliness and accuracy. Nigeria is currently ranked 3rd amongst the 14 OPEC member countries in Data submission best data submitters amongst the 14 member nations of OPEC.

Nigeria’s Governor to OPEC, Dr. Umar Faruk Ibrahim disclosed this at the opening of a two day OPEC Data Management Training Workshop hosted by the Petroleum Technology Development Fund (PTDF), under the auspices of the Federal Ministry of Petroleum Resources.

Nigeria submits monthly and yearly reports to OPEC, based on data derived from OPEC designed questionnaires. The annual questionnaire covers crude oil production, oil consumption, refinery production, electricity generation,  population, GDP per capita income and other economic indicators, while the monthly data is limited to crude oil production, gas production, export and refinery output.

In Nigeria, the Ministry of Petroleum Resources works with its data generating agencies and other MDAs to develop a credible national data that is presented to OPEC. These include Nigerian National Petroleum Corporation (NNPC), Petroleum Product Pricing Regulatory Agency (PPRA), Department of Petroleum Resources (DPR), Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), Energy Commission of Nigeria (ECN), Nigeria Electricity Regulatory Commission (NERC), Debt Management Office (DMO), National Population Commission (NPC), Nigeria Liquified Natural Gas Ltd (NLNG), and the Eleme Petrochemical Company Limited.

According to Nigeria’s governor to OPEC “In the last three years, particularly from last year, OPEC in recognition of the changing dynamics of the oil market introduced some areas which in the last 30 years have not been part of what it is doing. OPEC Secretariat now goes round member countries and bring together agencies that generate data to give them training on the new methodology of data collection, assessment and evaluation before it is eventually sent to OPEC”

Giving further insight on the relevance of the training workshop, Head, Data Services Department, OPEC Secretariat Dr. Adedapo Odulaja said that credible and timely data from OPEC member countries form the basis of operations and activities in the OPEC Secretariat. These he said contributes to the publication of the annual statistical bulletin, monthly oil market report and the world oil outlook.  He said that the questionnaire designed by OPEC for the collection of data by member countries has been in use for over 30 years with slight modifications to bring it up to date with current realities of the oil and gas market.

“About a year ago, we decided to have a new annual questionnaire entirely which would follow the existing standards in the industry and is compatible with those used by other energy agencies all over the world. With the help of technical co-ordinators of member countries we (OPEC) were able to launch that and for the first time we are going to use that this year. So OPEC Secretariat is going round to ensure that we understand the connection between the new one and the old one so that we can have better data sent by member countries to OPEC Secretariat. This is why we are having this workshop”.

The Executive Secretary, Petroleum Technology Development Fund (PTDF), Dr. Bello Aliyu Gusau, said the hosting of the OPEC Data Management Training Workshop by the Fund is another opportunity to relate more closely with key players of national and global oil and gas industry. “For PTDF, this workshop offers an opportunity for the expression of our strategic objectives of engaging more effectively with key players of the oil and gas industry by making valuable contributions that will further enhance capacity building of personnel and operators in the industry”.

The Training workshop was declared open by the Permanent Secretary, Ministry of Petroleum Resources Dr. Folashade Yemi Esan. She said that while Nigeria has recorded positive milestones on the compilation and submission of Data to OPEC Secretariat on an annual basis, the same cannot be said of relevant data for in-country research and planning. She therefore made a strong case for a credible national data bank that can be utilized in the country. “It is a pity that students and researchers will have to go to OPEC to get data about Nigeria. We don’t have a repository here in Nigeria. So I am actually tasking you with that arrangement. You have to work to ensure that we have a repository of credible data that will help us in planning; Data that will help us in research here in the country”

The OPEC Data Management Training Workshop is the first to be held in Nigeria. Nigeria is an influential member of OPEC, being among the ten highest producers of oil globally. According to OPEC, Nigeria’s oil and gas sector accounts for about 35 percent of its Gross Domestic Product(GDP) and petroleum exports revenue represents over 90 percent of total exports revenue.

 

 

Kalu Otisi Esq.

Head, Press and External Relations    

February 28, 2018

2018-03-06T11:05:15+00:00