Century Group unveils solutions to help oil and gas companies manage impact of declining oil prices
24 April, 2015 Century Group (CG), a global consortium actively involved in oil and gas sector in the Nigerian and West African sub region has unveiled two (2) strategic solutions aimed at helping oil and gas operators maximize their resources and sustain profitability even in the face of the crisis occasioned by the fall in oil prices.
The two solutions; Intelligent Production Operations Technology (IPO) and Incremental Oil on Risk Services (IORS) according to a statement by the company are effective strategies designed to enable exploration and production companies increase production while keeping their Opex low even with the continued volatility in global oil prices. The adoption of these solutions the company believes will ensure oil and gas operators are able to withstand the storm and emerge from it even stronger.
Commenting about the set of solutions Ken Etete, Chief Executive Officer of Century Group, noted that:
“The drop in oil price has had profound negative impact on both the global economy and the industry. The Survivors will be those companies who are able to promptly adopt a change in strategy critical among which is the ability to reduce the cost of production whilst maximizing value inherent in their assets by not reducing the volume of produced crude/day. The advantages will be a rapid and seamless development of assets, reduction of project delivery time, generation of short and long term revenue streams for operators, support of operator field development plan and production optimization goals, reduction in cost of operations and a guaranteed facility integrity.”
According to the company, one of the solutions, IPO, is designed to help in mitigating the effect of falling crude oil prices on field development/production activities and is a real time production optimization solution that helps reduce overall cost of production in four different areas: simultaneous well testing & production, optimized operations on unmanned platforms, timely well intervention and real-time production optimization.
IORS on the other hand is a ground-breaking Techno-Financial Initiative to help clients increase oil production, while keeping Opex low. It involves rigless deployment of “special purpose” (wireline-conveyed) ESPs on low THP wells with the aim of ramping-up client’s individual well & field production. The solution is suitable for both sand-producing & non-sand producing wells, and robust enough for high GOR environments.
It is important to note that both solutions are home grown and demonstrates the capacity of the local expertise in solving global challenges. The launch of these initiatives, the company states, is a testimony to its vision of being the leading global industrial group actively involved in solving problems, enabling people and creating value.
Mr. Etete concludes that:
“When the going gets tough, as we are currently experiencing, only the tough and resilient companies who are clear about their vision and strategy will stay going. Riding this storm will entail being on top of every aspect of your business and ensuring that you are operating at an optimal level and that your cost is in check. These are the essential values our strategic solutions bring to the industry.
These solutions are sure cost-effective panaceas to the effects of the fall in oil prices and a long term option for all industry stakeholders and we have researched and launched them in line with our philosophy and in response to the pressing need of the industry at this time.”
For further information, please contact:
Address: Plot 21, Prince Adedeji Adelowo Street,
Off Admiralty Way, Lekki, Lagos
Tel: 234 (0) 1-2715374, 2719586
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