The Petroleum Technology Association of Nigeria (PETAN) has proposed to Abia State Government the partnership to own and operate upstream assets in the state.
PETAN Chairman, Mr. Wole Ogunsanya, an engineer, conveyed the proposal to the Governor of Abia State, Dr. Alex Otti, when he led a delegation of his executives and members on an official visit to the governor.
In his presentation to the governor, Ogunsanya proposed a Joint Venture (JV) Model between PETAN and the Abia State Government through the identification of good potential upstream assets in the state.
He said the proposal will have the backing of NUPRC to secure the assets under its marginal field scheme, with the deployment of PETAN’s capacities and capabilities to develop assets to first oil.
He added that PETAN has identified 53 existing Wells in these fields and 105 Capped Wellheads within Abia State.
He told the governor that the economic benefits of PETAN’s value proposition to Abia State, included 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.
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“This will be in addition to developing local content through the active engagement of a value-delivering consortium; actively patronizing existing in-country entities with capacities and capabilities to deliver whilst leveraging on the proven experiences of our members with cost-effective management strategies”, he said.
Responding, Governor Otti welcomed the proposal, charging his Commissioner for Petroleum and Mineral Resources to ensure that maximum support was accorded to PETAN on all that was needed to be done to actualize it and promised to also liaise with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to lend his support.
The PETAN team, comprising of Engr. Wole Ogunsanya, Chairman, PETAN, and CEO, Geoplex Drillteq Ltd; Dr. Engr. Innocent Akuvue, Publicity Secretary, PETAN, and CEO, GGI International Ltd.; Engr. Ibe Chubby Ibe, Conference Chairman, PETAN, and CEO, Poseidon Energy Services Ltd.; Sir. Okezie Akwiwu, Treasurer, PETAN, and CEO, Hyprops Nigeria Ltd.; Dr. Okey Ukaegbu, Assistant Secretary, PETAN, and CEO, Catobi Nigeria Enterprises Ltd.
Others are Mr. Stanley Egege, Member, PETAN, and CEO, CE-Stalong Ltd., and Engr. Kevin Nwanze, Executive Secretary, PETAN.
