PIA Set To Boost Success Of Nigeria’s Oil Bid Round - PETAN

By Clement Alphonsus
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Wole Ogunsanya (Chairman of PETAN)

The Petroleum Technology Association of Nigeria (PETAN) has expressed commitment that the nation’s Petroleum Industry Act (PIA) will enhance the success of the 2024 oil bidding round.

This was disclosed by the Chairman of PETAN, Wole Ogunsanya, an engineer, during a road show by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in Houston, Texas U.S., saying PIA is a comprehensive legislation, designed to bring about restructuring, streamlining, transparency, and accountability in the oil and gas sector.

The PETAN chairman stated that PIA will guarantee investors’ confidence and participation by making the investment process more straightforward.

Also, he explained that it offers clear returns on investments, saying, “These are deep water assets where billions of dollars will be spent. Of course, NUPRC will ensure that we attract the right investors.

“Some investors are already operating in Nigeria while others will come from outside the country. All we need to do is to present the assets to them."

While commenting on the just concluded Offshore Technology Conference (OTC), he stated that, “We did a lot of consultations. One of the biggest things we did as soon as we were sworn in was to meet the leadership of the industry. We started with the ministers. We went all the way to the chief commission executive at NUPRC. We met with the NCDMD executive secretary. We met with the group CEO of NNPC Ltd.

“NNPC gave us a mandate to organise everything. In fact, they are the owners of OTC. PETAN is supporting to make that happen. They are the first to step forward and do what needs to be done. Of course, the minister was very enthusiastic when we met with him. He guaranteed us he would participate in all of our programmes. The chief commission executive also supported us. The NUPRC is planning a roadshow on the new assets.”

He added, “We have about 37 billion barrels of oil reserves. There is a lot more on the ground, especially in the deep offshore. By selling the assets, we look forward to increasing our reserves and production capacity. This will allow OPEC to permit us to produce more.

“We are taking that programme to Miami next week. We are also taking it to London. At the end, what we are doing will impact Nigeria’s economy and improve the life of our people.”