The Petroleum Technology Association of Nigeria (PETAN) has expressed readiness to partner with the Abia State Government to enhance oil and gas production in the region.
Chairman of PETAN, Mr Wole Ogunsanya, disclosed this during a business meeting with Àbia State Governor Dr. Alex Otti in Nvosi, Isiala Ngwa South Local Government Area.
Ogunsanya, emphasized the importance of the collaboration in increasing the country’s oil and gas output, which he expressed optimism would significantly boost the nation’s economy.
He highlighted the necessity of working with the National Upstream Petroleum Regulatory Commission (NUPRC) to ensure competitive and fair asset distribution.
“We are proposing a joint venture model whereby we will support the government to identify good assets within the state.
“The model National Upstream Petroleum Regulatory Commission (NUPRC) set up now is that for every assets marginal field you are going to give out it has to be done in a competitive way.
“So therefore we have to put ourselves together to identify the right field to make sure we work with NUPRC.
“If we identify an asset most likely they are going to ask by law to know if somebody else is interested in it.
“We will make our submission much more considerable to Nigerians across board“, Ogunsanya stated.
He listed the economic benefits of the partnership to include: improved internally generated revenue for Abia, job creation, direct foreign currency exchange, and increased tax revenue and added that the collaboration supports the presidential directive to enhance oil and gas production nationwide.
In his response, Governor Otti while welcoming PETAN’s initiative, thanked the association for choosing Abia as the pioneer state to work with on its project.
The Governor who expressed his administration’s commitment to fostering productive partnerships assured PETAN of the state government’s eagerness to work with serious stakeholders to transform Abia’s oil and gas sector.
He revealed that aside Ukwa West LGA were oil activities are currently concentrated, Àbia has additional areas in the state with oil reserves.
“We have some assets that have been identified beyond Ukwa West Local Government Area.
“Oil activities today in Abia is centered around Ukwa West LGA and I have it on good authority that there are other areas of the state that have reserves”, Otti said.
Contributing, the Commissioner for Petroleum and Mineral Resources, Prof Joel Ogbonna described the initiative as an opportunity that could elevate Abia’s economic status.
“About 100 wells are here in Abia, capped, and that is wealth buried in the ground. PETAN is a serious-minded organization, and I know that this joint venture initiative will be a success,” Ogbonna added.
