PETAN Strengthens Collaboration with NUPRC, Pledges to Enhance Nigeria’s Oil Output.

The Petroleum Technology Association of Nigeria (PETAN) has reiterated its commitment to supporting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in boosting oil production.Its Publicity Secretary, Dr Innocent Akuvue, disclosed this in a statement on Friday in Lagos.

Akuvue said that PETAN’s Chairman, Mr Wole Ogunsanya, gave the assurance when he led a delegation of PETAN Executives on a courtesy visit to the Commission’s Chief Executive, Mr Gbenga Komolafe, at the NUPRC Headquarters in Abuja.Ogunsanya assured all stakeholders in the oil and gas sector that its members with decades of experience in the industry have all the equipment required to boost the country’s oil production.

The chairman thanked Komolafe for his contributions to the country’s development and expressed PETAN’s support for the government’s policies in the oil and gas industry. Economic Growth in Sub-Saharan Africa Projected at 3.8% in 2024-IMF.He added that as an advocacy group, PETAN was not unmindful of the challenges facing the industry, including low-level oil production.

The chairman said, “We have the rigs. We have the services, and untapped resources underground that need to be tapped and supplied for refining in-country to serve our people.“Consequently, we are here to state, just as we told the Hon. Minister of State for Petroleum Resources days ago that we are ready to help boost oil production levels at reduced cost of production.

“This includes using our marginal fields, equipment, and commitment to successfully delivering projects with reasonable incentives.“At a time that assets are being sold off in divestment moves with Nigerians taking them over, the services of PETAN members will easily complement efforts to ensure maximum production capacity of oil in the country,” he said.

Ogunsanya also pledged PETAN’s support for the three road shows of the NUPRC to raise funds for further explorations.He added that PETAN is bringing in several other service companies such as the AFRIEXIM Bank to help actualise the goal of shoring up investments.Responding, the Commissioner Chief Executive of the NUPRC, Mr Gbenga Komolafe, congratulated the new PETAN Chairman and expressed excitement by the enthusiasm of the new PETAN Executives.

Komolafe said that it was encouraging to have PETAN’s support in the well challenged Nigerian oil and gas industry.He said that the multidimensional challenges pose grave concerns for the government, who stands ready for stronger collaboration with stakeholders such as PETAN to navigate the challenges.

He noted that PETAN remained a source of hope in the industry, especially in areas of exploration and production, as well as the development of human capital within the sub-region, which served as a source of pride to stakeholders.On divestments in the industry, he said that divestment was nothing but business decisions, and they presented opportunities for ability in disability.

“I’m so excited that we have indigenous capacities. Thanks to PETAN, that can deliver on projects and demonstrate outstanding capacity (Sterling Global).“We are also proud of the platform (SAIPEC) that PETAN presents annually to address issues affecting the industry.“Our planned road shows are also planned to drive the funding required to drive investments, which are often lacking offshore, and we look forward to PETAN’s collaboration on this,” Komolafe noted.

The PETAN team comprised of the Chairman, Mr Wole Ogunsanya, Assistant Secretary, Dr Okey Ukaegbu, Financial Secretary, Mr Akin Osuntoki, Ex-officio, Dr Ibilola Onadeko-Amao, Member, Mr Solomon Ewenehi, Executive Secretary, Mr Kevin Nwanze and Media Assistant/Abuja Liaison Officer, Mrs Zainab Alimi-Ajibola.