PIA Will Enhance Success Of Nigeria’s Bid Round – PETAN
CHIGOZIE AMADI
LAGOS – The Petroleum Technology Association of Nigeria (PETAN) affirmed its commitment to partner with various stakeholders in the energy sector for sustainable economic development of the nation
Engr. Wole Ogunsanya, the Chairman of PETAN, disclosed this at the just concluded Offshore Technology Conference (OTC) in Houston, Texas U.S.
According to him PETAN is dedication to sustaining and growing the energy sector business in Nigeria, as well as strengthening partnerships to ensure safe, reliable, and efficient operations in the country.
‘’As we engage all the relevant stakeholders in the oil and gas sector, we want to assure them that our members with decades of experience in the industry, have all the equipment required to boost oil production in the country.
On the Road show by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), PETAN predicted that the nation’s Petroleum Industry Act (PIA) will enhance the success of the 2024 oil bidding round.
Engr.Gbenga Komolafe, Commission Chief Executive, had said Nigeria would be placing 17 blocks. These include 12 Petroleum Prospecting Leases, PPLs 300, 301, 3008, 3009, 2000, 2001, 267, 268, 269, 270, 271 and Petroleum Mining Lease, PML 51, and the Deep Offshore Blocs, PPLs 300, 301, 302, 303, 304, 305 and 306 before the local and international buyers for purchase.
Ogunsanya said that the PIA is a comprehensive legislation, designed to bring about restructuring, streamlining, transparency, and accountability in the oil and gas sector.
The PETAN chairman said that PIA will guarantee investors’ confidence and participation by making the investment process more straightforward.
According to him, it also offers clear returns on investments. “We are seeing the good work that NUPRC is doing. The bid round will be successful. We are talking about big oil fields. “These are deep water assets where billions of dollars will be spent. Of course, NUPRC will ensure that we attract the right investors. “Some investors are already operating in Nigeria while others will come from outside the country. All we need to do is to present the assets to them,” he said.
