… to leverage NUPRC’s marginal field scheme

Oredola Adeola

The Petroleum Technology Association of Nigeria (PETAN) has proposed a Joint Venture (JV) model with the Abia State Government to own and operate 53 existing wells and 105 capped wellheads within the state, leveraging Nigerian Upstream Petroleum Regulatory Commission, NUPRC’s marginal field scheme.

This was the highlight of the discussion when Engr. Wole Ogunsanya, PETAN Chairman, led a delegation of PETAN EXCO and members on an official visit to the Executive Governor, His Excellency, Dr. Alex C. Otti, OFR to propose for partnership to own and operate upstream assets in Abia State.

Engr. Dr. Innocent Akuvue, PETAN Publicity Secretary confirmed this in a statement, obtained by Advisors Reports on Friday.

According to him, the PETAN team was received by the Executive Governor, Dr. Alex Otti at the Abia State Governor’s Residence at Umu Ehim, Nvosi Isiala Ngwa South of Abia State.

Engr. Ogunsanya, PETAN Chairman, 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.

He added that PETAN has identified 53 existing Wells in these fields and 105 Capped Wellheads within Abia State.

“The economic benefits of our value proposition to Abia State, Your Excellency”, he said, “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 consortium; 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,” he added.

Dr. Otti in his remark, welcomed the proposal, charging his Commissioner for Petroleum and Mineral Resources to ensure that maximum support was accorded to PETAN on all that was needed to be done to actualize it.

Governor Otti therefore promised to also liaise with the NUPRC on the proposals.

Other members of the PETAN team include Engr. Ibe Chubby Ibe, Conference Chairman, PETAN, and CEO, Poseidon Energy Services Ltd.; Sir. Okezie Akwiwu, Treasurer, PETAN, and CEO, Hyprops Nigeria Ltd.; Dr. Okey Ukaegbu, Assistant Secretary, PETAN, and CEO, Catobi Nigeria Enterprises Ltd, Mr. Stanley Egege, Member, PETAN, and CEO, CE-Stalong Ltd., and Engr. Kevin Nwanze, Executive Secretary, PETAN.