Nigeria Bleeds $15 Billion Daily Due To Oil Under-Production, PETAN Warns

In a stark revelation, the Petroleum Technology Association of Nigeria (PETAN) has sounded the alarm on Nigeria’s staggering daily loss of $15 billion due to oil under-production. 

This loss, equivalent to at least 500,000 barrels per day, paints a dire picture of the country’s economic hemorrhage, exceeding even the national budget.

Speaking in Lagos, PETAN Chairman, Mr. Wole Ogunsanya, highlighted the grave consequences of Nigeria’s failure to reach its oil production capacity.

 He emphasized the urgent need for in-country retention of values and beneficiation throughout the oil and gas industry.

Ogunsanya underscored the importance of government policy initiatives and collaboration with industry stakeholders to address the gaps hindering optimal production. 

Aligning with directives from the presidency, PETAN pledged support for efforts aimed at maximizing Nigeria’s oil and gas potential under the Bola Tinubu-led administration.

The vision of PETAN hinges on retaining 60 to 70 percent of the oil and gas value chain within Nigeria, a move that could propel the nation into the top 20 global economies. 

Ogunsanya reiterated PETAN’s commitment to consolidating its relationship with stakeholders like the Association of Energy Correspondents of Nigeria (NAEC) to amplify its message and support the government’s mandate.

Moreover, PETAN’s collaboration with critical stakeholders, including the Nigerian Content Development and Monitoring Board (NCDMB), signifies a concerted effort to mitigate challenges such as funding and logistics, ensuring resilience against adversities like the COVID-19 pandemic and volatile oil prices.

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