Abia State Government has entered into partnership with the Petroleum Technology Association of Nigeria (PETAN) to establish a jointly owned Oil Company named ABTAN Energy Ltd.
The Commissioner for Information, Prince Okey Kanu announced the development while briefing Journalists on the outcome of this week’s Exco Meeting presided over by Governor Alex Otti.
Prince Kanu who highlighted that the State has about 100 capped oil wells, stated that the initiative will provide the Government with direct access to participate in the oil industry as well as strengthen the business relationship between the State and PETAN.
“To consolidate the State Government’s efforts to jointly own an oil company, PETAN and the State Government have incorporated and floated an SPV called ABTAN ENERGY LTD ,
“If you recall not too long ago we reported that there was an agreement between the state government and PETAN now that move has gone a step further with the floating of this SPV that is meant to consolidate the business relationship between the state government and PETAN.
“Of course we’re all aware that the state has about a hundred capped oil well and the way to go is to ensure that the State partake in that industry”, he explained.
Prince Kanu revealed that the State Ministry of Petroleum and Mineral Resources has initiated an extensive field study to assess the solid mineral sector.
The Commissioner emphasized that the study aims to determine the commercial viability and quantify critical Mineral deposits across the State.
He noted that Abia State possesses about 18 different Mineral Resources and pointed out that establishing the commercial potential of the Mineral resources would enable the development of industries in areas where the deposits are available in significant quantities.
“The Ministry of Petroleum and Mineral Resources has commenced a wide field study and the Solid Mineral Sector to determine the commercial viability and quantity of critical Minerals in the State. We have quite lots of them about 18.
“What this study intends to achieve is to determine their quantity so that relevant industries will be set up in areas where these minerals are in commercial quantity”.
Addressing the spread of misinformation, Prince Kanu cautioned individuals, particularly those spreading falsehoods under the guise of opposition, to desist or face legal consequences under the Cybersecurity Act and Data Protection Act.
He warned that Government would no longer tolerate acts of misinformation intended to mislead the public or create unrest.
