PETAN Pledges Support for Nigeria’s Oil and Gas Production Expansion.
Chairman of PETAN, Mr. Wole Ogunsanya, made this affirmation during a courtesy visit by representatives of the Association of Energy Correspondents of Nigeria (NAEC), led by its Chairman, Mr. Ugo Amadi, in Lagos on Thursday.
Ogunsanya assured NAEC of PETAN‘s dedication to strengthening the longstanding relationship between the two organizations. He emphasized PETAN’s vision to collaborate with authorities to ensure that the entirety of the oil industry’s value remains within Nigeria.
Highlighting the potential economic benefits, Ogunsanya stressed that retaining 60 to 70 percent of the oil and gas value chain domestically could propel Nigeria into the top 20 global economies.
Expressing concerns over Nigeria’s current underproduction, Ogunsanya underscored the substantial losses incurred due to the shortfall in oil production capacity, estimated at least 500,000 barrels per day. This translates to billions of dollars and trillions of naira annually in excess of the national budget.
To address these challenges and retain value within the country’s borders throughout the oil and gas process, Ogunsanya emphasized the need for government policy initiatives and collaboration with industry stakeholders.
PETAN reiterated its commitment to supporting the government’s efforts to increase oil and gas production, aligning with presidential directives and initiatives aimed at achieving this goal.
Ogunsanya outlined PETAN’s innovative strategies to enhance production, emphasizing collaboration with other stakeholders and the vital role of media partnerships, particularly with energy correspondents, in disseminating PETAN’s vision and garnering support.
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He concluded by affirming PETAN’s readiness to collaborate closely with NAEC and deploy its technical expertise and resources in the Niger Delta region to realize the shared objective of expanding Nigeria’s oil and gas production.
Acknowledging challenges such as funding and logistics, Ogunsanya underscored the importance of collaboration and partnership in overcoming these obstacles and advancing the industry’s objectives.
