The Petroleum Technology Association of Nigeria (PETAN) is seeking a partnership with Aradel Holdings to enhance Nigeria’s oil production and narrow the gap between production and selling costs. During a courtesy visit to Aradel Plc’s CEO, Adegbite Falade, in Lagos on Thursday, PETAN Chairman Wole Ogunsanya outlined the goals of the visit, which included discussions on industry trends, support for PETAN’s 30th-anniversary celebration, and potential collaboration opportunities.
Ogunsanya emphasized that PETAN members, with decades of experience, possess the equipment needed to significantly boost oil production in Nigeria. He highlighted the importance of joint efforts to revitalize the economy through increased oil output and stressed PETAN’s commitment to achieving this at reduced costs. He also pointed out that Nigeria’s oil production costs are higher than those in other countries, and PETAN aims to close this gap through collaboration with the government, regulators, and producers.
Looking ahead, Ogunsanya noted that nearly 70% of onshore assets will soon be owned by Nigerians, and PETAN has developed a strategy to maximize these assets through partnerships that integrate funding strategies and cost-saving technologies. To formalize this collaboration, Ogunsanya proposed a memorandum of understanding (MOU) with Aradel and urged stakeholders to work towards eliminating the impact of portfolio companies in the industry.
In response, Falade expressed his appreciation for PETAN’s reliable partnership in the oil and gas sector. He noted that PETAN’s objectives align with the Federal Government’s vision and the goals of other industry players, including Aradel. Falade assured that Aradel is committed to deepening its relationship with PETAN members to provide critical services, and congratulated the newly elected PETAN executives for their efforts in helping Nigeria recover from ongoing losses in oil production and revenue.
The PETAN delegation included key industry leaders such as Wole Ogunsanya, Akin Osuntoki, Ibilola Amao, Innocent Akuvue, Bank Anthony Okoroafor, and Casmir Maduafokwa.
Credit: NAN (Text Excluding Headline)
