…commits to strengthening partnership with Energy Correspondents
The Petroleum Technology Association of Nigeria (PETAN) has pledged its backing to the President Bola Tinubu-led administration’s drive to boost Nigeria’s oil and gas output for optimal returns, assuring that the country has the capacity to ascend to the ranks of the world’s top 20 economies through the involvement of local entities in the entire oil extraction, transportation, and refining process.
PETAN has additionally noted that Nigeria could significantly boost its economic standing on the world stage by establishing petrochemical plants to refine gas and its by-products, processing gas in power plants, and interconnecting these facilities with pipelines.
Mr. Wole Ogunsanya, Chairman of PETAN, expressed his association’s resolve in Lagos when the representatives of the Association of Energy Correspondents of Nigeria (NAEC) led by its Chairman, Mr. Ugo Amadi paid a courtesy and familiarisation visit to PETAN on Thursday.
Ogunsanya said, “Our vision and intention at PETAN is to support the authorities in ensuring that the full value of Nigeria’s oil industry remains within the country.
“We believe that if Nigeria can retain between 60 to 70 per cent of the oil and gas value chain, the nation has the potential to become one of the top 20 economies in the world. However, we are currently losing a significant amount due to our inability to produce up to our oil production capacity.
“We are underproducing by at least 500,000 barrels per day, which is a substantial loss to the country. If we had full in-country retention of values and beneficiation across all the chains of the industry, we could avoid such losses.
“Our goal is to ensure that Nigerian organisations are involved in extracting and refining oil, refining gas and its by-products, and processing gas in power plants. By connecting these facilities with pipelines, we can create a thriving and sustainable oil and gas industry that will propel Nigeria into the top 20 economies globally.
“To achieve this, we need to fill the gaps in government policy initiatives and collaborate with industry stakeholders. We are committed to supporting the retention of values in-country at every stage of the oil and gas process.
“We align with the presidency’s interest in increasing production and are working to deploy innovative ideas and low-cost approaches used in other countries, such as Indonesia. Our unique position and technical know-how enable us to collaborate effectively with the government to create value for the country.
“We acknowledge the challenges facing the industry in Nigeria, including funding and logistics. However, we believe that collaboration and partnership between PETAN and other critical stakeholders are essential to overcoming these challenges and achieving our vision,”the PETAN Chairman said.
Ogunsanya therefore assured NAEC of PETAN’s commitment to strengthening the long-standing relationship between the two bodies.
He emphasized that his association cannot make progress without collaborating with energy correspondents, stating, ‘We cannot do without you. Our message cannot resonate and cannot get across without your partnership with us.’
Ogunsanya further acknowledged the challenges faced in the past due to the COVID-19 pandemic, but assured NAEC that such disruptions would not happen again.
He emphasised the importance of the partnership between PETAN and energy correspondents, stating that ‘we both need each other. PETAN needs you to tell that story, to sell what PETAN’s vision is in order to help the situation we find ourselves.’
The PETAN Chairman also expressed gratitude for the support that the Association has received from energy correspondents in the past and assured NAEC that PETAN would continue to support the energy correspondent.
Ogunsanya concluded by stating, ‘So, Mr. Chairman, I give you that assurance. We would work with you immediately.'”
