PETAN partners Abia govt. to own, operate upstream assets

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PETAN partners Abia govt. to own, operate upstream assets

CHIGOZIE  AMADI

 

PETAN Chairman, Engr. Wole Ogunsanya FNSE led a delegation of PETAN EXCO and members on an official visit to the Executive Governor, His Excellency, Dr. Alex C. Otti, OFR to propose for partnership to own and operate upstream assets in Abia State.

 

 

The Petroleum Technology Association of Nigeria (PETAN) says it’s planning to partner the Abia Government on a Joint Venture (JV) Model to own and operate upstream assets in the State.

Dr Innocent Akuvue, the Publicity Secretary, PETAN disclosed this in a statement on Friday in Lagos after PETAN EXCO and members’ official visit to the Executive Governor, Dr Alex Otti.

Mr Wole Ogunsanya, Chairman of PETAN in his presentation to the governor proposed a joint venture Model between PETAN and Abia Government through the identification of good potential upstream assets in the state.

Ogunsanya said the proposed joint venture was going to be in line with Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s support to secure the assets under its marginal field scheme.

He added that the support would involve the deployment of PETAN’s capacities and capabilities to develop assets to first oil.

He noted that PETAN had identified 53 existing Wells in these fields and 105 Capped Wellheads within Abia State.

According to him, “The economic benefits of our value proposition to Abia State, Your Excellency.

“This including major internally generated revenue (IGR), direct foreign currency earnings accruals, tax accruals, employment generation, and support of the Presidential Directive of increasing Oil andGas Production in the country.

“This will be in addition to developing local content through the active engagement of a value-delivering consortium.

“Actively patronising 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 added.

Responding, Dr 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 actualise it.

He also promised to also liaise with the NUPRC to lend his support.

The Business  Intelligence (TBI Africa) reports that PETAN is an association of Nigerian Indigenous Technical Oilfield service companies in the upstream and downstream sectors of the Oil industry.

The association was formed to bring together Nigerian oil and gas entrepreneurs to create a forum for the exchange of ideas with the major operators and policy makers.

PETAN Chairman, Engr. Wole Ogunsanya FNSE led a delegation of PETAN EXCO and members on an official visit to the Executive Governor, His Excellency, Dr. Alex C. Otti, OFR to propose for partnership to own and operate upstream assets in Abia State.

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.