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Nigerian Petroleum Association warns of revenue losses amidst underproduction

PETAN Urges Government Collaboration to Maximize Oil and Gas Sector Potential

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The Petroleum Technology Association of Nigeria (PETAN) has raised concerns over Nigeria’s daily revenue losses due to underproduction in the crude oil sector. Speaking at a recent meeting in Lagos with representatives from the Association of Energy Correspondents of Nigeria, PETAN Chairman Wole Ogunsanya emphasized the urgent need to ramp up oil and gas production to maximize revenue generation for the country.

Ogunsanya reiterated PETAN’s commitment to supporting President Bola Tinubu’s administration in its efforts to increase Nigeria’s oil and gas output for optimal value. The association’s vision, he stated, is to ensure that Nigeria retains a significant portion of the oil industry’s value chain within the country, aiming to secure between 60 and 70 per cent of the chain domestically. This, he argued, would position Nigeria among the top 20 global economies.

Expressing concerns over Nigeria’s current underproduction, Ogunsanya highlighted the significant loss the country faces, estimating a shortfall of at least 500,000 barrels per day. He attributed these losses to the lack of full in-country retention of values and beneficiation across all sectors of the industry.

Ogunsanya outlined a vision where Nigerian organizations play a central role in the extraction, refining, and processing of oil and gas resources. He emphasized the importance of local involvement in refining, petrochemicals production, and power generation, stating that such a holistic approach would propel Nigeria’s economic growth.

PETAN, he emphasized, is fully aligned with the directives and initiatives of the Presidency aimed at increasing production. The association is committed to supporting the government’s efforts through innovative strategies to enhance oil and gas output in Nigeria.

Acknowledging the challenges facing the industry, including funding and logistics, Ogunsanya stressed the importance of collaboration with energy correspondents to communicate PETAN’s vision effectively. He highlighted the symbiotic relationship between PETAN and the media, emphasizing the need for partnership to amplify their message and drive positive change in the sector.

In conclusion, Ogunsanya assured the representatives of the Association of Energy Correspondents of Nigeria of PETAN’s unwavering support and collaboration. He emphasized the mutual dependence between the two entities and pledged to work closely with the media to promote their shared vision for the Nigerian oil and gas industry.

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