OTC participation yields over $8bn in oil & gas investments
By Yunus Yusuf
Petroleum Technology Association of Nigeria (PETAN) says its consistent presence at the Offshore Technology Conference (OTC) has spurred over eight billion dollars in investments for Nigeria’s oil and gas sector.
Its Chairman, Mr Wole Ogunsanya, disclosed this on Tuesday during the PETAN Luncheon and Panel Session held at the ongoing OTC in Houston, Texas.
The Business intelligence (TBI Africa) reports that the theme of this year’s session is “Harnessing Nigeria’s Gas Potential for Domestic Utilisation and Global Export Market”.
He explained that the eight billion dollars in investments stemmed from equipment purchases, service partnerships, and project funding facilitated through relationships built at OTC.
“Just last year, we supported the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with their roadshow, and all the oil fields they presented were fully subscribed,” he noted.
“This is why we are here annually, to connect with the global oil and gas community and bring value back to Nigeria.”
Ogunsanya further said that PETAN recently concluded a funding agreement for member companies to acquire equipment, adding that a new collaboration was initiated with Senegal, developing its offshore gas infrastructure.
“Senegal has invited countries like Canada, France, and Morocco for technical support, but they’ve also expressed a strong interest in collaboration with sub-Saharan Africa, specifically with Nigeria Gas Company (NGC).
“A government-to-government relationship is being explored for pipeline management,” he said.
Reflecting on PETAN’s journey over the past 30 years, Ogunsanya credited the foresight of the founding members for Nigeria’s current oil production capabilities.
“The future of Nigeria’s oil and gas industry is bright,” he said.
“There’s a shift underway with divestments from international oil companies to indigenous firms, and we see it as an opportunity, not a setback.”
He stressed the importance of increasing and sustaining national production, targeting 2.5 to three million barrels per day regardless of global oil prices.
He also highlighted current refining efforts, pointing to a projected refining capacity of 1.4 million barrels daily, including the BUA Group’s ongoing construction of a 350,000-barrel refinery.
“We cannot afford to be passive. PETAN is working tirelessly to support its members in acquiring critical equipment and raising funds,” Ogunsanya affirmed.
“The federal government, the National Oil Company, and Nigerian E&P companies are united in this mission.”
“Our goal is simple: to secure sustainable oil production and revenue generation to support national development.
“The era of halting production due to price fluctuations must end—we must be resilient, consistent, and forward-thinking.”
TBI Africa also reports that over 200 Nigerians, investors, exhibitors and foreigners are in attendance.
