PETAN proposes strategic oil partnership with Abia Govt
By Esther Agbo
In a strategic move aimed at boosting the state’s economic prospects, the Petroleum Technology Association of Nigeria (PETAN) has proposed a partnership with the Abia State Government to own and operate upstream oil and gas assets. The proposal was presented during an official visit by a PETAN delegation to the Executive Governor, Dr. Alex C. Otti.
The PETAN delegation, led by its Chairman, Engr. Wole Ogunsanya FNSE, included notable executives such as the Publicity Secretary, Dr. Engr. Innocent Akuvue, the Conference Chairman, Engr. Ibe Chubby Ibe, Treasurer, Sir. Okezie Akwiwu, Dr. Okey Ukaegbu, Assistant Secretary, Mr. Stanley Egege, Member and Engr. Kevin Nwanze, Executive Secretary. The team was received at the Governor’s residence, at Umu Ehim, Nvosi, Isiala Ngwa South of Abia State.
Engr. Ogunsanya outlined PETAN’s vision for a Joint Venture (JV) model with the Abia State Government, focusing on the identification and development of upstream assets under the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) marginal field scheme, with the deployment of PETAN’s capacities and capabilities to develop assets to first oil.
He highlighted PETAN’s discovery of 53 existing wells and 105 capped wellheads within Abia State as potential assets for development.
He stated, “The economic benefits of our value proposition to Abia State, include major internally generated revenue (IGR), direct foreign currency earnings accruals, tax accruals, employment generation, and support of the Presidential Directive of increasing Oil and Gas Production in the country.
“This will be in addition to developing local content through the active engagement of a value-delivering consortia; actively patronising existing in-country entities with capacities and capabilities to deliver whilst leveraging on the proven experiences of our members with cost- effective management strategies.”
Governor Otti expressed enthusiasm for the proposal, directing his Commissioner for Petroleum and Mineral Resources to provide full support to PETAN. He also committed to liaising with the NUPRC to facilitate the partnership’s success.
The visit marks a significant step towards enhancing Abia State’s economic development through strategic partnerships in the oil and gas sector
