Financial Energy Review
……by Ben Ndubuwa…..
PETAN Chairman, Engineer Wole Ogunsanya has, on behalf of the assocition proposed a Joint Venture (JV) Model between PETAN and the Abia State Government as well as with NUPRC, through the identification of good potential upstream assets in the state.
According to the group NUPRC’s support would be to secure the assets under its marginal field scheme, with the deployment of PETAN’s capacities and capabilities to develop assets to first oil.
The Chairman added that PETAN has identified 53 existing Wells in these fields and 105 Capped Wellheads within Abia State.
“The economic benefits of our value proposition to Abia State, Your Excellency” while adding that,”include major internally generated revenue (IGR),direct foreign currency earnings accruals, tax accruals,employment generation,
and support of the Presidential Directive of increasing Oil and
Gas Production in the country.
“This will be in addition to developing local content through the active engagement of a value-delivering consortia; actively patronizing 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, His Excellency, 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 actualize it and promised to also liaise with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to lend his support.
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.
The team was received by the Executive Governor, Dr. Otti at the Abia State Governor’s Residence at Umu Ehim, Nvosi
Isiala Ngwa South of Abia State.
Others are Mr. Stanley Egege, Member, PETAN, and CEO, CE-Stalong Ltd., and Engr. Kevin Nwanze, Executive Secretary, PETAN.
