Houston: The Petroleum Technology Association of Nigeria (PETAN) has announced that its ongoing involvement in the Offshore Technology Conference (OTC) has generated over eight billion dollars in investments for Nigeria's oil and gas industry. PETAN Chairman, Mr. Wole Ogunsanya, revealed this during the PETAN Luncheon and Panel Session held at the current OTC event in Houston, Texas.
According to News Agency of Nigeria, the theme for this year's session is 'Harnessing Nigeria's Gas Potential for Domestic Utilisation and Global Export Market'. Mr. Ogunsanya detailed that the substantial investments were achieved through equipment purchases, service partnerships, and project funding facilitated by connections established at the OTC. He emphasized PETAN's annual attendance at the conference as a means to engage with the global oil and gas community and bring valuable investments back to Nigeria.
Mr. Ogunsanya also shared that PETAN has recently completed a funding agreement for its member companies to procure equipment. Moreover, a new collaboration has been initiated with Senegal to develop its offshore gas infrastructure. Senegal has shown interest in working with sub-Saharan Africa, particularly with the Nigeria Gas Company (NGC), alongside technical support from countries like Canada, France, and Morocco.
Reflecting on PETAN's 30-year journey, Ogunsanya credited the foresight of the founding members for Nigeria's current oil production capabilities. He noted that there is a shift from international oil companies to indigenous firms, which he sees as an opportunity rather than a challenge. Ogunsanya emphasized the importance of increasing national production to a target of 2.5 to three million barrels per day, regardless of global oil prices.
He also highlighted ongoing refining efforts, aiming for a projected refining capacity of 1.4 million barrels daily, including the BUA Group's construction of a 350,000-barrel refinery. He stressed that PETAN is committed to supporting its members in acquiring essential equipment and raising necessary funds, with the backing of the Federal Government, the National Oil Company, and Nigerian exploration and production companies.
The overarching goal, as stated by Mr. Ogunsanya, is to ensure sustainable oil production and revenue generation to support national development, advocating for resilience and consistency despite price fluctuations in the global market. The News Agency of Nigeria also notes that the conference is attended by over 200 Nigerians, investors, exhibitors, and international participants.