Chairman, Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, has said nearly 70 per cent of onshore assets will be owned by Nigerians in the next few years going by various partnerships and initiatives being implemented.
He said the association had the strategy to maximise the footprints from these assets through a well-articulated partnership model that integrates funding strategies and cost-saving technologies and know-how.
He stated this when he led a delegation of the association on a visit to the Chief Executive Officer of Aradel Plc, Adegbite Falade, in Lagos.
The visit was aimed at sharing thoughts on practices and trends in the industry and the way forward, as well as to seek the support of Aradel Holdings for the 30th anniversary celebration of the association, and deepening the partnership with PETAN-member companies in service delivery.
The PETAN delegation was received by Falade, in company of some members of the board and management of Aradel, including the former Independent non-executive Director of Aradel, Patricia Simon-Hart.
Ogunsanya said: “Nigeria’s cost of production compared to many countries is too high and at PETAN, we feel that we have the responsibility to bridge the gap of cost production and cost of sales through collaboration with the government, the regulators and producers like you.”
He pledged to have a Memorandum of Understanding (MOU) with Aradel in order to pursue and realise the partnership.
He stressed the need for stakeholders to work towards eliminating the existence and impact of portfolio companies in the industry.
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Informing that PETAN would be 30 within the year, Ogunsanya solicited the support of Aradel to host the event.
Ogunsanya stated that PETAN members with decades of experience in the industry had all the equipment required to boost oil production in the country. Realising that all hands must be on deck with the Presidential mandate to revamp the economy through increased oil production, the Chairman pledged PETAN’s all-encompassing and overreaching capacity which its members had garnered over the decades on the local content journey to ramp up oil and gas production for the country at reduced costs of drilling and production.
Responding, Falade expressed the delight that PETAN remained a dependable partner in the oil and gas industry, noting that it was gratifying to hear the aspirations of the association, which aligned with the Federal Government’s vision, and by extension, other operating companies in the industry, including Aradel.
“From our humble beginnings, we have progressed to greater levels in oil and gas production and processing than earlier anticipated”, adding that “with a good number of divestments that are about to be concluded; presenting opportunities in the industry and to be run by Nigerians for Nigerians, there is a greater need for synergy between the new operators, including Aradel and PETAN as technical oilfield services providers”
Continuing, he assured that Aradel was committed to deepening the existing working relationship with PETAN members in providing critical services to the organisation. He acknowledged the newly elected executives of the association who had renewed advocacy around helping Nigeria recover from recurrent losses on oil production levels and revenues, and for offering their services and expertise as experienced professionals in any capacity across the value chain of the oil and gas industry.
