The Petroleum Technology Association of Nigeria (PETAN) claims that the country is forfeiting significant revenue daily due to its inability to boost crude oil production.
Wole Ogunsanya, PETAN's Chairman, conveyed this information in Lagos during a visit by the Association of Energy Correspondents of Nigeria, led by Chairman Ugo Amadi.
Ogunsanya reaffirmed the association's commitment to support President Bola Tinubu's administration in improving Nigeria's oil and gas production to maximize value, underscoring PETAN's goal to ensure the oil industry's benefits remain within Nigeria.
He proposed that Nigeria could join the world's top 20 economies if it kept 60 to 70 percent of the oil and gas value chain domestically.
He pointed out Nigeria's considerable losses due to not producing at full capacity, noting the country was underproducing by at least 500,000 barrels per day.
The PETAN leader argued that complete domestic retention of value and beneficiation across all industry segments would prevent such losses.
He detailed that involving Nigerian entities in the extraction, transportation to Nigerian-owned refineries, refining, and processing of oil, gas, and by-products could elevate Nigeria into the top 20 global economies.
Reaffirming his support for these objectives, Ogunsanya also recognized the presidency's efforts to increase oil production, mentioning the directives and gazettes issued, which align with PETAN's initiatives.
He acknowledged the challenges faced by Nigeria's industry, such as financing and logistics, and emphasized his association's inability to advance some of its plans without partnering with energy correspondents.
