The Petroleum Technology Association of Nigeria (PETAN) said it has identified 53 existing oil wells in the fields and 105 capped wellheads within Abia State.
PETAN Chairman, Wole Ogunsanya disclosed this during a visit to Abia State Governor, Alex Otti, seeking partnership to own and operate the state’s upstream assets.
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 with the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He stated that PETAN has identified 53 existing wells in these fields and105 capped wellheads, saying the economic benefits of the value 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 patronising 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.
Responding, Otti 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 actualise it.
He promised to also liaise with the NUPRC to lend his support.
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