The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has pledged full support for the president Bola Tinubu-led government in its aim to enhance the country’s oil and gas output for optimal benefit. Ogunsanya reiterated the group’s commitment to this goal during a courtesy visit by the National Association of Energy Correspondents of Nigeria (NAEC), led by Ugo Amadi, to PETAN in Lagos. The PETAN chairman reiterated their dedication to strengthening the enduring bond between the association and NAEC.
According to him, PETAN’s goal is to collaborate with government authorities in order to safeguard the retention of the petroleum industry values within Nigeria. By retaining 60 to 70 percent of the oil and gas value chain domestically, he believed the country could significantly improve its global economic ranking to potentially become a top 20 economy. However, Wole raised concerns about the significant losses Nigeria is facing because it is unable to reach its maximum oil production capacity.
Creative solutions for achieving this goal will be introduced.
He noted the fact that the nation’s production is falling short by a minimum of 500,000 barrels per day, resulting in a loss equivalent to $15 billion and hundreds of trillions of Naira annually above the national budget. He suggested that if there was comprehensive local value retention and processing throughout all sectors of the industry, these losses could have been avoided. Wole said there is a need to maintain core values throughout the oil and gas process within the country, highlighting the need for government policies and partnership with industry players to bridge existing gaps.
Continuing, he once again pointed out PETAN’s dedication to upholding core values and recognized the presidency’s strong focus on boosting production. He noted that the presidency had issued directives and created numerous regulations, all of which the association fully supports. Wole also stated that the association aims to assist the government and the nation in enhancing oil and gas output. The association will be introducing highly creative solutions for achieving this goal, along with cost-effective methods adopted in various other nations.
Collaborating with government to enhance the country’s value.
Leveraging the expertise of its members and the association’s advantageous position, the PETAN leader stated that the association is collaborating with the government to enhance the country’s value. He noted that the group’s dedication to fulfilling the president’s goal of boosting production indicates that they were ready to utilize all their resources in different areas of the Niger Delta to achieve this objective. He recognized the obstacles that the industry in Nigeria is up against, such as financial support, Logistics issues, among others.
Wole emphasized the importance of working together and forming partnerships with key stakeholders in the industry. He explained that PETAN’s advancement with its initiatives relies on teaming up with energy correspondent. He reassured that the setbacks experienced during COVID would not repeat, allowing the organization to move forward with its plans. He expressed appreciation for the honesty of energy correspondents in their mutual support, and assured that the association will continue to support them as it has always done.
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Operating under its mandate as a coalition of Nigerian Oilfield service companies, PETAN to focus on both upstream and downstream sectors of the Oil industry. Its main goal is to unite Nigerian entrepreneurs in the Oil and Gas sector for idea sharing with major players and policymakers. The association also has the objective to enhance and promote Petroleum Technology in Nigeria for the betterment of its citizens. Additionally, it is tasked with providing guidance and information to the government and its various agencies regarding advancements within the Oilfield Services Sector of the Nigerian economy.