PETAN Backs Nigeria’s 2024 Oil Bid Round

May 18, 2024
Petroleum Technology Association of Nigeria PETAN

By Adedapo Adesanya

The Petroleum Technology Association of Nigeria (PETAN) has thrown its weight behind the 2024 Nigeria oil bid round, saying the exercise will be successful.

According to a statement, the Chairman of PETAN, Mr Wole Ogunsanya, while speaking at the just concluded Offshore Technology Conference (OTC) in Houston, Texas US, said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which was overseeing the bids, would ensure that the right investors were attracted.

He stated that the process had been enhanced by the Petroleum Industry Act (PIA) signed by former President Muhammadu Buhari in 2021.

According to him, the PIA is a comprehensive legislation, designed to bring about restructuring, streamlining, transparency, and accountability in the oil and gas sector.

He stated that PIA would guarantee investor confidence and participation by making the investment process more straightforward and offering clear returns on investments.

“We are seeing the good work that NUPRC is doing. The bid round will be successful. We are talking about big oil fields. These are deepwater 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,” he said.

The PETAN chairman also said the association was dedicated to sustaining and growing the energy sector business in Nigeria, as well as strengthening partnerships to ensure safe, reliable, and efficient operations in the country.

He affirmed that the association was committed to partnership with various stakeholders in the energy sector for sustainable economic development of the nation. :

“As we engage all the relevant stakeholders in the oil and gas sector, we want to assure them that our members with decades of experience,” Mr Ogunsanya said.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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