LAGOS, Nigeria (VOICE OF NAIJA) – The Petroleum Technology Association of Nigeria (PETAN) has reported the discovery of 53 operational oil wells and 105 capped wellheads in Abia State.
PETAN Chairman, Wole Ogunsanya revealed this information during a meeting with the Abia State Governor, Alex Otti.
Ogunsanya discussed a potential partnership with the Abia State government to manage and develop the state’s upstream oil assets.
Ogunsanya suggested a Joint Venture (JV) model between PETAN and the Abia State government, aimed at identifying promising upstream assets in the state, with support from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Ogunsanya noted that PETAN has identified 53 operational wells and 105 capped wellheads in the area, highlighting the economic advantages for Abia State.
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These benefits include significant internally generated revenue, direct foreign currency earnings, tax revenues, job creation, and alignment with the presidential directive to boost oil and gas production nationwide.
“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.
In response, Otti expressed his support for the proposal and directed his Commissioner for Petroleum and Mineral Resources to provide PETAN with full assistance in implementing the plan.
He also pledged to coordinate with the NUPRC to facilitate the initiative.