FG and PETAN Join Forces to Boost Nigeria’s Oil and Gas Sector Development

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has emphasized the federal government’s readiness to collaborate with the Petroleum Technology Association of Nigeria (PETAN) in a bid to increase the country’s oil production and revenue.

This collaboration aims to address the dwindling oil production and drive investment in Nigeria’s oil and gas sector, with a particular focus on maximizing the utilization of available oil and gas wells.

During his visit to PETAN members in Lagos, Lokpobiri highlighted the government’s policy direction towards increasing production and maximizing the utilization of idle wells.

He emphasized the need for both the government and PETAN to work together to unlock opportunities that can help boost production in the country.

Nigeria’s recent increase in hydrocarbon reserves, as announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), further underscores the importance of drilling more wells to capitalize on the nation’s untapped resources.

The NUPRC has reported a rise in Nigeria’s oil reserves by 1.087 billion barrels and gas reserves by 2.573 trillion cubic feet (TCF) as of January 1, 2024.

This brings the country’s total crude oil reserves to 37.5 billion barrels and its total gas resources to 209.26 TCF.

In line with the President Bola Tinubu-led administration’s focus on addressing the nation’s energy poverty, the government is actively engaged in policy evolution to maximize the utilization of all available oil and gas wells in the country.

The Minister of State for Petroleum Resources affirmed that the quickest way for Nigeria to overcome its current economic hardship is through the exploration and production of oil and gas.

PETAN, an association of Nigerian indigenous technical oilfield service companies in the upstream and downstream sectors of the oil and gas industry, has also expressed its commitment to supporting the government’s efforts to increase oil production and develop the energy sector.

The association has called on the government to provide incentives to stakeholders in a bid to ensure better output and economic benefit for the industry and the nation at large.

As Nigeria navigates the global energy transition, it is crucial for the country to address its challenges and align itself with the vision of President Tinubu to boost oil production and development of the energy sector.

The collaboration between the FG and PETAN marks a significant step towards achieving this goal, with both parties committed to working together to ensure the growth and prosperity of Nigeria’s oil and gas industry.