The Petroleum Technology Association of Nigeria (PETAN) has embarked on a campaign to showcase Nigeria’s oil and gas industry potential, aiming to attract fresh investments and close the production gap.
PETAN revealed that Nigeria is underproducing by at least 500,000 barrels per day, amounting to $15 billion and hundreds of trillions of naira annually, exceeding the national budget. To address this, PETAN plans to highlight opportunities at the upcoming Offshore Technology Conference (OTC) in Houston, USA, while supporting efforts to increase oil and gas production under the Bola Tinubu-led administration.
Chairman of PETAN, Mr. Wole Ogunsanya, expressed the association’s commitment during a courtesy visit by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos. He emphasized PETAN’s vision to retain oil industry values in Nigeria, aiming for the country to retain 60 to 70 percent of the oil and gas value chain, which could propel Nigeria into the top 20 economies globally.
Ogunsanya underscored the need for in-country retention of oil and gas values to maximize economic benefits, stressing the potential economic loss due to current underproduction. He called for policy initiatives and industry collaboration to address gaps in the oil and gas process.
PETAN pledged support for the government’s efforts to increase production, citing alignment with presidential directives and initiatives. The association aims to deploy innovative strategies and collaborate with stakeholders to achieve production targets, leveraging its technical expertise and industry position.
Ogunsanya emphasized the importance of collaboration with energy correspondents to amplify PETAN’s message and engage with stakeholders effectively. He assured continued partnership and support for the media in promoting PETAN’s vision and contributing to Nigeria’s oil and gas sector growth.
