Federal Government Teams Up with PETAN to Boost Nigeria’s Oil and Gas Sector
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has signaled the Federal Government’s commitment to partnering with the Petroleum Technology Association of Nigeria (PETAN) to revitalize Nigeria’s oil and gas industry amidst concerns over declining production and the imperative of attracting investments.
During a visit to PETAN members in Lagos, Minister Lokpobiri emphasized the necessity for collaboration between the government and PETAN to exploit available opportunities and enhance oil production and revenue generation. He underscored the urgency of leveraging existing oil wells, some of which have remained dormant since the 1970s, as essential low-hanging fruits for increasing production.
Lokpobiri highlighted the importance of maximizing oil and gas resources to alleviate economic challenges, stressing that increased production is vital for the prosperity and development of the nation. He affirmed his commitment to working closely with PETAN and other stakeholders in the sector to drive growth.
Referring to recent announcements by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) regarding significant increases in hydrocarbon reserves, Lokpobiri emphasized the need for proactive measures to capitalize on the expanded reserves, which now stand at 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of gas.
In alignment with the government’s agenda to address energy poverty and improve the nation’s economic standing, Lokpobiri reiterated the administration’s dedication to enhancing oil production and urged for indigenous capacity-building in the sector.
In response, PETAN Chairman, Engr. Wole Ogunsanya, pledged the association’s full support for the government’s efforts and reiterated the importance of incentivizing stakeholders to ensure optimal output and economic benefits for the industry and the nation.
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Dr. Innocent Akuvue, PETAN’s Publicity Secretary, expressed gratitude to Minister Lokpobiri for his visit, affirming PETAN’s unwavering support for the government’s vision and President Tinubu’s aspirations to bolster the country’s economy.
PETAN, an association of Nigerian indigenous technical oilfield service companies, is dedicated to advancing petroleum technology for the benefit of Nigerians. The collaboration between PETAN and the government holds promise for revitalizing Nigeria’s oil and gas sector and driving economic growth.
Source: Petroleum Technology Association of Nigeria (PETAN)
