IMPACT OF DIGITAL OILFIELD TECHNOLOGIES ON COST EFFICIENCY AND FINANCIAL REPORTING ACCURACY IN NIGERIA’S UPSTREAM PETROLEUM SECTOR
Keywords:
Digital Oilfield Technologies; Cost Efficiency; Financial Reporting Accuracy; Upstream Petroleum Sector and NigeriaAbstract
The present research studied the influence of digital oilfield technology on cost efficiency and financial reporting accuracy in Nigeria’s upstream petroleum sector. Using a qualitative documentary analytic technique, data were obtained from academic publications, industry reports, market studies, and expert commentary. The results indicate that the requirement for operational efficiency and global digitalization have a major impact on the adoption patterns of digital oilfield technology among Nigerian operators. Results also reveal that digital solutions boost cost efficiency by minimizing downtime and optimizing production, while enhancing financial reporting accuracy through real-time data gathering and automated metering. Despite infrastructural and skill-based obstacles, the report concludes that digital oilfield technologies remain crucial for operational modernization in the Nigerian upstream industry and advises enhanced infrastructure, regulatory assistance, and capacity building to boost adoption.References
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