Oando PLC is to integrate artificial intelligence (AI) in its oil exploration, and is simultaneously planning to manufacture 5,000 electric buses for public transportation in Lagos, Wale Tinubu, CEO of the Nigerian energy company says.
Tinubu, who disclosed this during an interview on the sidelines of the World Economic Forum with CNBC Africa, says that as the world shifts towards sustainability, Oando is exploring innovative technologies to remain competitive while also addressing environmental concerns.
The integration of AI into drilling operations represents a significant advancement in this effort, the company says.
“We have to make serious decisions which have a high impact on cost and being able to throw in all the potential answers to our questions based on old experiences, by having a whole sequence of possibilities which can be taken through artificial intelligence. So, it is something we are looking forward to deploying in our next drilling campaign,” according to the Oando CEO.
Oando CEO: AI technology is revolutionising aspects of drilling operations
Tinubu, who highlights the potential benefits of deploying AI in Oando’s upcoming drilling campaigns, sees the use of AI technology revolutionising various aspects of drilling operations, including data analysis, predictive maintenance, and real-time monitoring.
“We have to make serious decisions which have a high impact on cost and being able to throw in all the potential answers to our questions based on old experiences, by having a whole sequence of possibilities which can be taken through artificial intelligence. So, it is something we are looking forward to deploying in our next drilling campaign,” according to the Oando CEO.
By leveraging AI algorithms, Oando aims to analyse vast amounts of geological data more effectively, allowing for better decision-making regarding drilling locations and techniques, Tinubu says. This technological advancement can significantly reduce operational costs and minimise environmental impacts by optimizing resource extraction processes.
Furthermore, he says, AI can enhance safety measures by predicting equipment failures before they occur, thereby reducing downtime and potential hazards associated with drilling activities. As the oil industry grapples with safety concerns and environmental regulations, he reckons that integrating AI into drilling operations positions Oando as a forward-thinking leader in the sector.
Tinubu further emphasises Oando’s commitment to adopting cleaner energy solutions is part of its broader strategy for a just transition towards sustainable practices. The company recognises the importance of reducing its carbon footprint and contributing to global efforts aimed at combating climate change.
As part of this commitment, Oando is exploring alternative energy sources and technologies that align with international sustainability standards. The integration of AI into its operations not only enhances efficiency but also supports the company’s transition towards greener practices in the oil and gas sector, Tinubu adds.
In addition to its focus on AI technology in drilling operations, Tinubu says that Oando is also taking significant steps towards sustainable urban mobility by planning the production of 5,000 electric buses for Lagos.
According to him, the electric bus initiative reflects a proactive approach to addressing transportation challenges in one of Africa’s largest cities.
The introduction of electric buses aims to reduce emissions from public transportation and improve air quality in urban areas. By investing in electric vehicle technology, Oando is not only contributing to environmental sustainability but also supporting Nigeria’s efforts to modernize its transportation infrastructure, according to its CEO.
“We are using gas as a transitional fuel to create electricity to generate the power to power buses. Transport is 10% of global emissions, so if we tackle public transport we would be able to reduce emissions by 5% almost immediately. The first step we’re doing now is also working on a public system of being able to transit the bus system in Nigeria from diesel or petrol to electric vehicles starting with a project which we’re working on with the Lagos state government as a pilot case where we expect to see up to 5,000 buses, e-buses being deployed in our streets,” Tinubu explains.
The electric bus project, he adds, aligns with global trends towards electrification in public transport systems. As cities worldwide seek to reduce their reliance on fossil fuels, Oando’s initiative, he adds, positions it as a key player in the transition towards cleaner urban mobility solutions.
Under the plan, the Oando CEO says that the oil firm is partnering with the Lagos State government to deploy 5,000 electric buses for public transportation in the state.
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