PETAN backs FG’s oil, gas reform initiatives

The Petroleum Technology Association of Nigeria (PETAN) has thrown its weight behind the Federal Government’s numerous initiatives aimed at reforming the oil and gas sector.

PETAN, an association of Nigerian indigenous technical oilfield service companies singled out the 7 Big Wins, particularly upstream oil and gas development, infrastructure and power, refineries and establishment of pipe mills, among others, as areas where huge opportunities exit. The group’s observations were contained in a communiqué from insights and ideas at Panel Session and other engagements during the just concluded Offshore Technology Conference (OTC 2017) held in Houston, Texas, USA.

PETAN said this year’s OTC theme looked at “Global Energy Dynamics: Challenges and Opportunities in the Nigerian Oil and Gas industry” and featured more than 100 member companies and 2,000 Nigerians attended the highly successful conference.

The communiqué signed by PETAN chairman Anthony Bank Okoroafor identified areas where collaboration with the government was necessary to include bridging the infrastructure deficit gap, the need to cut cut red tapeism, tackle paucity of investment funds and address security issues in the Niger Delta. It also mentioned downstream challenges as well the need for members to synergize to reduce logistics costs from $23 per barrel to $2 per barrel by working together and sharing vessels, security and management of assets.

“We can knock down cost by 40% by adopting Brazilian model,” the group said in the communiqué and charged the National Assembly to conclude the PIB.