New Telegraph

PETAN Identified 53 Existing Wells, 105 Capped Wellheads in Abia

The Petroleum Technology Association of Nigeria (PETAN) has identified 53 existing wells and 105 Capped Wellheads within Abia State. This was stated in a statement by Publicity Secretary, PETAN, Engr. Dr. Innocent Akuvue. He explained that PETAN Chairman, Engr. Wole Ogunsanya led a delegation of PETAN EXCO and members on an official visit to the Governor of Abia State, Dr. Alex C. Otti, to propose for partnership to own and operate upstream assets in Abia State.

PETAN is an association of Nigerian Indigenous Technical Oilfield service companies in the upstream and downstream. According to the statement, in his presentation to the Governor, Ogunsanya 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 the support of the Nigerian Upstream Petroleum Regulatory Commission, to secure the assets under its marginal field scheme, with the deployment of PETAN’s capacities and capabilities to develop assets to first oil.

He said: “The economic benefits of our value proposition to Abia State, 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.

“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.”

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