Oil and gas stakeholders from across the globe will converge in Nigeria to deliberate on prospects, opportunities, and innovative ways of sustainably finding lasting solutions to industry challenges.

Sunday Kanshio, the managing partner of Fleissen & Company and convener of the conference, said this in a statement on Thursday.

According to him, the 2024 Nigeria Hydrocarbon Measurement Conference (NiHMEC) will convene industry stakeholders to deliberate and tackle challenges related to hydrocarbon measurement and accounting issues.

Mr Kanshio said Nigeria had been playing a leading role in shaping new debates on a sustainable future, considering the enormous impact of the petroleum industry on its economy.

He said that in the last three years, the NiHMEC had played a major role in the nation’s efforts to ensure a more profitable and sustainable oil and gas economy through expert dialogue.

Mr Kanshio said that clauses regarding metering requirements often surfaced in important commercial contracts, such as crude oil handling and transportation agreements or gas supply and purchase agreements in the petroleum industry.

According to him, these clauses usually have technical implications that should align with the legal and commercial intent to avoid business conflicts.

He said industry experience showed that any misalignment between the commercial or legal intent and the technical connotation of hydrocarbon metering clauses in commercial contract documents could present a risk during disputes.

He described Nigeria as a major hydrocarbon producer in Africa, with revenues from oil and gas serving as the country’s primary source of foreign exchange.

According to him, 2024 deliberations at NiHMEC will be organised under four thematic areas: upstream production measurement, fiscal metering, measurement for sustainable oil field operations, and environmental stewardship.

(NAN)