Financial Energy Review
The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has called for more robust policies supporting local contractors in Nigeria’s oil and gas sector during the Petroleum Industry Stakeholders Forum (PISF) held in Abuja last week.
Engr. Ogunsanya, speaking on behalf of PETAN, urged the Ministry of Petroleum Resources to uphold Section 3.3 of the Local Content Act 2010. He emphasized that local contractors should be given first consideration in the divestment of assets, a move he believes would strengthen the domestic oil and gas industry.
In his address, Engr. Ogunsanya also recommended the formulation of a National Policy on Oil and Gas Production Volumes. He suggested that the policy should target the production of two million barrels per day (bpd) for both local consumption and export, irrespective of fluctuations in crude prices. This, he argued, would ensure the sustainability of Nigeria’s oil sector.
Engr. Ogunsanya was accompanied at the event by the PETAN Board Secretary, Engr. Eloka Ejeh. Other key participants included Mrs. Olu Arowolo Verheijen, Special Adviser to the President on Energy, and several senior government officials such as Senator Heineken Lokpobiri, Hon. Minister of State for Petroleum Resources, and Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The forum also brought together various stakeholders from the oil and gas industry, including representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Gas Association (NGA), and the Independent Petroleum Marketers Association of Nigeria (IPMAN), among others.
The discussions focused on the future of the Nigerian oil and gas sector, with an emphasis on local content development and policy reforms to ensure long-term growth and sustainability.
Also in attendance for their contributions were the Independent Petroleum Marketers Association of Nigeria (IPMAN); Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN); the Nigerian Gas Association (NGA); Nigeria LCG Association (NLCGA); NALPGAM; Association of Local Distributors of Gas ; Petroleum Contractors Trade Section (PCTS) , Nigerian Association of Road Transport Owners (NARTO), (Nigeria Union of Petroleum and Natural Gas workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
