PETAN visits Abia State Gov Otti, proposes partnership to own, operate State’s Upstream Assets
The PETAN Chairman, Wole Ogunsanya led a delegation of PETAN executive and members to pay an official visit to the Executive Governor, His Excellency, Alex C. Otti, to propose for partnership to own and operate upstream assets in Abia State.
The PETAN team, comprising of Wole Ogunsanya, Chairman, PETAN, and CEO, Geoplex Drillteq Ltd; Innocent Akuvue, Publicity Secretary, PETAN, and CEO, GGI International Ltd.; Ibe Chubby Ibe, Conference Chairman, PETAN, and CEO, Poseidon Energy Services Ltd.; Okezie Akwiwu, Treasurer, PETAN, and CEO, Hyprops Nigeria Ltd.; Okey Ukaegbu, Assistant Secretary, PETAN, and CEO, Catobi Nigeria Enterprises Ltd, Stanley Egege, Member, PETAN, and CEO, CE-Stalong Ltd., and Kevin Nwanze, Executive Secretary, PETAN.
The Executive Governor, Otti received the team at the Abia State Governor’s Residence at Umu Ehim, Nvosi Isiala Ngwa South of Abia State.
PETAN Chairman, Engr. Ogunsanya in his presentation to the Governor, proposed a Joint Venture (JV) Model between PETAN and the Abia State Government through the identification of good potential upstream assets in the state and with NUPRC’s support to secure the assets under its marginal field scheme, with the deployment of PETAN’s capacities and capabilities to develop assets to first oil.
Ogunsanya disclosed that PETAN has identified 53 existing Wells in these fields and 105 Capped Wellheads within Abia State.
PETAN Chairman said the economic benefits of our value proposition to Abia State, Your Excellency, include major internally generated revenue, (IGR), direct foreign currency earnings accruals, tax accruals, employment generation, and support of the Presidential Directive of increasing Oil and Gas Production in the country.
He added “This will be in addition to developing local content through the active engagement of a value-delivering consortia; actively patronizing existing in-country entities with capacities and capabilities to deliver whilst leveraging on the proven experiences of our members with cost- effective management strategies.”
In his response, the Abia State governor, Alex Otti welcomed the proposal, directing his Commissioner for Petroleum and Mineral Resources to ensure that maximum support was given to PETAN on all that was needed to be done to actualize it and promised to also liaise with the Nigerian Upstream Petroleum Regulatory Commission, |(NUPRC), to lend his support.
