…identifies several oil wells to be developed in Abia State.
The Petroleum Technology Association of Nigeria (PETAN), Nigeria’s foremost association comprising indigenous technical oilfield service companies, are interested to own and operate upstream assets in Abia State.
In a statement made known to The Energy Republic, The 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 a 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.
The team was received by the Executive Governor, Dr. Otti at the Abia State Governor’s Residence.
In his presentation to the Governor, PETAN Chairman, Engr. Ogunsanya proposed a Joint Venture (JV) Model between PETAN and the Abia State Government through the identification of good potential upstream assets in the state and with NUPRC’s support to secure the assets under its marginal field scheme, with the deployment of PETA’s capacities and capabilities to develop assets to first oil.
He 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”, he said, “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 consortium; 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.
In his response, Abia State Governor, 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.