The Petroleum Technology Association of Nigeria has declared that the country is losing a lot of revenue daily as a result of its inability to increase crude oil production.
This was disclosed recently by the Chairman of PETAN, Wole Ogunsanya, when the representatives of the Association of Energy Correspondents of Nigeria, led by its Chairman, Ugo Amadi, paid a courtesy visit to PETAN, according to The Punch.
The association reaffirmed its commitment to support the efforts of the Bola Tinubuled government in increasing Nigeria’s oil and gas production for maximum value.
He said PETAN’s objective was to encourage the Nigerian authorities to ensure that all values existing in the oil industry are preserved here.
According to Ogunsanya, if Nigeria could retain between 60 and 70 per cent of the oil and gas value chain in the country, it stands a better chance of being among the top 20 economies in the world.
He noted that Nigeria’s inability to meet its oil production capacity has resulted in a great loss in revenue.
He stressed that the country was producing below capacity to the tune of at least 500,000 barrels per day.
The PETAN leader maintained that such losses would not have been possible if values and beneficiation had been fully maintained in the country and across the entire chain of the industry.
He stated, “Essentially, if Nigerian organisations are involved in taking that oil out, taking it to a refinery owned by Nigerians and refining it, if we have petrochemicals refining the gas and the product, we are taking that gas; processing it in power plants; and running pipelines to connect all those power plants. This country will be among the top 20 economies in the world.
“And we believe very strongly that there is no better prescription for Nigeria’s economic solution than that.”
In addition, Ogunsanya said, “Our intention is to support this government, and this country to increase the production of oil and gas. I presented this vision to the whole house of PETAN exactly a week ago and the vision is very clear. PETAN wants to support Nigeria through innovative means to increase the production of oil and gas in this country.”
He reaffirmed PETAN’s commitment to maintaining these values and noted the Presidency’s strong interest in boosting production.
