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The Petroleum Technology Association of Nigeria( PETAN) says that the country is losing a lot of revenue daily due to its inability to ramp up crude oil production.
" Nigeria is underproducing to the tune of at least 500,000 barrels per day, which was a huge loss to the country," said the Chairman of PETAN, Wole Ogunsanya.
He disclosed this in Lagos, on Wednesday, when the representatives of the Association of Energy Correspondents of Nigeria (AECN),led by its Chairman, Ugo Amadi, paid a courtesy visit to PETAN.
He reiterated the association’s resolve to support the efforts of the President Bola Tinubu-led administration toward increasing Nigeria’s oil and gas production for maximum value.
He said the vision of PETAN was to support the authorities to ensure that all the values existing in the oil industry stay in Nigeria.
Ogunsanya saidthat if Nigeria could retain between 60 and 70 per cent of the oil and gas value chain in the country, it stands a better chance of being among the top 20 economies in the world.
He expressed concerns that Nigeria was losing a lot due to its inability to produce up to its oil production capacity.
The PETAN leader maintained that such losses would not have been possible if there had been full in-country retention of values and beneficiation across all the chains of the industry.
“Essentially, if Nigerian organisations are involved in taking that oil out, taking it to a refinery owned by Nigerians and refining it, if we have petrochemicals refining the gas and the product, we are taking that gas; processing it in power plants; and running pipelines to connect all those power plants. This country will be among the top 20 economies in the world.
“And we believe very strongly that there is no better prescription for Nigeria’s economic solution than that.”
