The Petroleum Technology Association of Nigeria (PETAN) claims that Nigeria is losing a significant amount of revenue every day due to its inability to increase its crude oil production.
PETAN Chairman, Wole Ogunsanya, made this assertion during a recent visit by the Association of Energy Correspondents of Nigeria, led by Chairman Ugo Amadi. Ogunsanya reiterated PETAN’s commitment to support President Bola Tinubu’s administration in its efforts to increase Nigeria’s oil and gas production for maximum value.
PETAN’s vision is to ensure that all the values existing in Nigeria’s oil industry remain in the country. Ogunsanya stated that retaining 60 to 70 percent of the oil and gas value chain in Nigeria would position the country among the top 20 economies in the world.
He expressed concerns that Nigeria was losing a lot of money due to its inability to produce up to its oil production capacity.
Ogunsanya pointed out that the country was underproducing by at least 500,000 barrels per day, which he said was a huge loss to Nigeria. He argued that such losses would not have been possible if there had been full in-country retention of values and beneficiation across all the chains of the industry.
He explained that if Nigerian organizations were involved in taking the oil out, taking it to a refinery owned by Nigerians and refining it, processing petrochemicals refining the gas and the product and taking that gas; processing it in power plants, and running pipelines to connect all those power plants, Nigeria would be among the top 20 economies in the world.
Ogunsanya reiterated PETAN’s commitment to support the retention of those values and acknowledged the Presidency’s high interest in increasing production. He pointed out that the Presidency had given directives and formulated a lot of gazettes, which PETAN aligned with.
Ogunsanya acknowledged the challenges facing the industry in Nigeria, including funding, logistics, and others. He noted that PETAN cannot make progress with some of its plans without collaborating with energy correspondents. He emphasized that PETAN and energy correspondents both need each other, and PETAN would support the correspondents in their efforts to sell the association’s vision.
