Financial Energy Review
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……….Nigeria’s cost of production compared to many countries is too high……
……..by Ben Ndubuwa.. ..
The Petroleum Technology Association of Nigeria (PETAN) is seeking support from Aradel Holdings to improve Nigeria’s oil production and bridge the gap between its producing and selling costs.
PETAN chairman, Mr Wole Ogunsanya, disclosed this during a courtesy visit by the association’s delegation to the Chief Executive Officer (CEO) of Aradel Plc, Mr Adegbite Falade, in Lagos.
Ogunsanya explained that the visit aimed to share thoughts on industry practices and trends, seek Aradel Holdings’ support for PETAN’s 30th-anniversary celebration, and explore collaboration opportunities.
He emphasised that PETAN members, with decades of industry experience, possess the equipment needed to boost oil production in Nigeria.
“Recognising the need for concerted efforts to revamp the economy through increased oil production, PETAN pledges its members’ extensive capabilities to ramp up oil and gas production at reduced costs,” Ogunsanya said.
He highlighted Nigeria’s high cost of production compared to other countries and PETAN’s responsibility to bridge this gap through collaboration with the government, regulators, and producers.
“In the next few years, nearly 70 per cent of onshore assets will be owned by Nigerians.
“PETAN has a strategy to maximise these assets through a partnership model that integrates funding strategies and cost-saving technologies,” he added.
Ogunsanya proposed a memorandum of understanding (MOU) with Aradel to pursue and realise this partnership.
He also urged stakeholders to work toward eliminating the impact of portfolio companies in the industry.
Mr Falade expressed delight in PETAN’s dependable partnership in the oil and gas industry.
He noted that PETAN’s aspirations align with the Federal Government’s vision and the goals of other industry operators, including Aradel.
Falade assured that Aradel remains committed to deepening its relationship with PETAN members to provide critical services.
He congratulated the newly elected PETAN executives and thanked them for their advocacy to help Nigeria recover from recurrent losses in oil production and revenues.
The PETAN delegation included the Chairman and CEO of Geoplex Drillteq Ltd., Mr Wole Ogunsanya; Financial Secretary and CEO of Richardson Oil and Gas, Mr Akin Osuntoki; Ex-officio and Principal Consultant of Lonadek Global Services, Dr Ibilola Amao.
The Publicity Secretary and CEO of GGI International (Nigeria) Ltd, Dr Innocent Akuvue; past Chairman and CEO of CB Geophysical Solutions Ltd., and Vhelbherg Ltd., Mr Bank Anthony Okoroafor; and PETAN member and CEO of Tecon Oil NigerBlossom, Mr Casmir Maduafokwa.
Other members in attendance were Dr John Erinne, CEO, Matrix Petro-Chem; Dr. Steve Ayiyi, CEO, Steve Integrated Technical Services Limited; Mr Kayode Adelaja, CEO, Kay-Global Limited;
Mr. Chika Ikenga, CEO, Eunisell Limited; Mr. Chris Ijeli, MD of Dorman Long Engineering Limited; Barr. Micheal Imonite, Director, Port Operations and Legal,
Catobi Nigeria Enterprises Limited,
and PETAN’s Executive Secretary, Engr. Kevin Nwanze
