PETAN Affirms Commitment to Sustainable Development Through Strategic Partnerships
The Petroleum Technology Association of Nigeria (PETAN) has reiterated its dedication to fostering partnerships within the energy sector to drive sustainable economic development in the nation. This commitment was emphasized by PETAN Chairman, Engr. Wole Ogunsanya, during the recently concluded Offshore Technology Conference (OTC) in Houston, Texas, U.S.
Engr. Ogunsanya highlighted PETAN’s focus on sustaining and expanding the energy sector business in Nigeria, ensuring safe, reliable, and efficient operations. He underscored PETAN members’ decades of industry experience and their capability to enhance oil production in the country with the requisite equipment and expertise.
Commenting on the Roadshow organized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), PETAN projected that the Petroleum Industry Act (PIA) would bolster the success of Nigeria’s 2024 oil bidding round. Engr. Ogunsanya emphasized the comprehensive nature of the PIA, designed to enhance transparency, accountability, and investor confidence in the oil and gas sector.
He noted that the PIA’s implementation would streamline investment processes, offering clear returns and attracting both local and international investors. Engr. Ogunsanya expressed confidence in NUPRC’s leadership to ensure the bid round’s success and attract the right investors, particularly for deepwater assets.
Highlighting the broader economic implications, Engr. Ogunsanya outlined how investment in the oil and gas sector could catalyze infrastructural development, including critical assets like power infrastructure, ultimately improving the quality of life for Nigerians.
He commended the reasonable signature bonus charged by the government, enabling investors to allocate more resources to fund capital projects and contribute to Nigeria’s economic growth through commercial oil and gas production.
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Engr. Ogunsanya reaffirmed PETAN’s commitment to enhancing the bidding round’s success, citing the association’s collective determination and expertise. He emphasized PETAN’s active involvement in supporting NUPRC’s initiatives, including the organization of roadshows in various locations.
In conclusion, Engr. Ogunsanya reflected on PETAN’s engagements with key stakeholders in the industry, including government officials and industry leaders, to facilitate collaboration and drive impactful initiatives. He expressed optimism about the positive impact of these efforts on Nigeria’s economy and the oil and gas industry’s future.
