The Petroleum Technology Association of Nigeria (PETAN) has sounded the alarm: Nigeria is hemorrhaging revenue due to its inability to scale up crude oil production. This critical issue has far-reaching consequences for the nation’s economy and calls for urgent attention.

The Revenue Dilemma

Nigeria, a major oil-producing country, is currently grappling with underproduction. According to Wole Ogunsanya, Chairman of PETAN, the country is losing substantial revenue daily because it fails to meet its crude oil production capacity. The numbers are staggering: Nigeria is underproducing by at least 500,000 barrels per day.

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The Vision of PETAN

PETAN’s vision is clear: to support the Nigerian government in retaining the full value chain within the country’s borders. If Nigeria can retain between 60% and 70% of the oil and gas value chain domestically, it stands a better chance of becoming one of the top 20 economies globally. The path to economic prosperity lies in maximizing the benefits of the oil industry within Nigeria itself.

The Way Forward

To achieve this vision, PETAN emphasizes several key points:

1. In-Country Retention: Nigerian organizations should actively participate in extracting oil, refining it in locally owned refineries, and processing it in petrochemical plants. By doing so, Nigeria can retain more value within its borders.

2. Power Generation: PETAN advocates for processing gas in power plants and connecting them through pipelines. This integrated approach would significantly boost Nigeria’s economic standing.

3. Collaboration: PETAN recognizes that collaboration with energy correspondents is essential. Their role in telling the story and raising awareness is crucial for driving change.

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Presidential Support

PETAN aligns with the initiatives set forth by the Presidency to increase oil and gas production. The government’s directives and gazettes provide a roadmap, and PETAN is committed to supporting these efforts. Chairman Wole Ogunsanya reiterates PETAN’s intention to innovate and enhance oil and gas production in Nigeria.

Challenges Ahead

Despite the vision, challenges persist. Funding, logistics, and other hurdles need addressing. PETAN acknowledges that collaboration with energy correspondents is vital to disseminating their message effectively.

In conclusion, Nigeria’s economic solution lies in maximizing its oil and gas potential. By retaining value within its borders, the country can secure a brighter future. Let us collectively work toward a Nigeria that thrives on its natural resources and emerges as a global economic powerhouse.

Disclaimer: This blog post is based on factual information from PETAN’s recent statements. Any resemblance to other content is purely coincidental.