PETAN Anticipates PIA’s Positive Impact on Nigeria’s Oil Bidding Round.
The Petroleum Technology Association of Nigeria (PETAN) is optimistic about the forthcoming oil bidding round in Nigeria, foreseeing enhanced success due to the implementation of the Petroleum Industry Act (PIA). Mr. Wole Ogunsanya, PETAN’s Chairman, shared this perspective during the Offshore Technology Conference (OTC) in Houston, Texas, USA.
Ogunsanya emphasized the pivotal role of the PIA in restructuring the oil and gas sector, citing its potential to promote transparency, accountability, and investor confidence. He noted, “The PIA is a comprehensive legislation, designed to bring about restructuring, streamlining, transparency, and accountability in the oil and gas sector.”
Discussing the bidding round, Ogunsanya highlighted the importance of deepwater assets and the significant investments expected. He expressed confidence in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to attract the right investors. “The bid round will be successful. We are talking about big oil fields,” he said.
Furthermore, Ogunsanya stressed the broader economic benefits of oil and gas investments, stating, “Creating an environment that encourages investment not only benefits the industry but also ensures broader macroeconomic implications.” He emphasized the potential for revenue generated to be channeled into critical infrastructure projects, such as power assets, to improve the quality of life for Nigerians.
Regarding PETAN‘s role, Ogunsanya reiterated the association’s commitment to supporting the bidding round’s success. He highlighted PETAN’s collaborative efforts with government agencies and stakeholders, stating, “All of our executive members are determined to make sure the bidding round is successful.”
Reflecting on PETAN’s engagement at the OTC, Ogunsanya discussed the association’s consultations and plans for future participation. He emphasized PETAN’s dedication to showcasing Nigeria’s oil and gas potential globally.
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Looking ahead, Ogunsanya expressed confidence in PETAN’s ability to contribute to the growth of Nigeria’s oil and gas sector. He reaffirmed PETAN’s commitment to supporting government initiatives and fostering industry partnerships.
In conclusion, Ogunsanya reiterated PETAN’s dedication to advancing Nigeria’s oil and gas industry. He emphasized PETAN’s role as a key player in driving sustainable growth and economic development in the sector.
