Would you like to receive notifications on latest updates of the following headlines?

FG Losing Revenue to Low Crude Production – PETAN

POSTED ON April 11, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
Crude Oil Revenue l Credit: Businesspost l Source: X

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.”

 

READ ALSO
Crypto Bridge Exchange Collapse Sparks Urgent Senate Inquiry into Ponzi Schemes
BY Abiodun Saheed Omodara July 10, 2025 0

The Senate initiated an extensive investigation into the surge of Ponzi schemes across the nation, o...

READ ALSO
IMF Commends FIRS for Reforms, Pledges Continued Support
BY Abiodun Saheed Omodara July 10, 2025 0

The International Monetary Fund has expressed its support for the ongoing reforms at the Federal Inl...

READ ALSO
FG Urges Judiciary to Strengthen Capital Market for Economic Growth
BY Abiodun Saheed Omodara July 8, 2025 0

The Federal Government has called on the judiciary to take a proactive role in strengthening the cap...

READ ALSO
Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...

READ ALSO
CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...

READ ALSO
Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...

READ ALSO
Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 7, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...

READ ALSO
Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 6, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...

OUR CHANNELS:

IRCC Raises Minimum Proof of Funds for Immigrants: New Threshold Set at CAD $15,262
BY Abiodun Saheed Omodara July 11, 2025 0

Immigration, Refugees and Citizenship Canada (IRCC) has initiated a review of the settlement fund cr...


Nigeria Urges U.S. to Reassess New Visa Restrictions Amid Concerns Over Reciprocity
BY Abiodun Saheed Omodara July 10, 2025 0

The government of President Bola Tinubu has called on the U.S. government to reassess its visa restr...


Vigilante Leader Vows to Continue Fight against Banditry Despite Heavy Losses
BY Abiodun Saheed Omodara July 10, 2025 0

A vigilante leader in Wase Local Government Area of Plateau State, Abdullahi Hussaini, has pledged t...


JAMB Reports Surge in Exam Malpractices, Two Arrested in Katsina
BY Abiodun Saheed Omodara July 10, 2025 0

Data released by the Joint Admissions and Matriculation Board at its 2025 policy meeting on Tuesday...


Rio Ferdinand Urges Manchester United to Secure Victor Osimhen Amidst Transfer Rumors
BY Abiodun Saheed Omodara July 10, 2025 0

Former Manchester United captain Rio Ferdinand has once again advised the club regarding their searc...


Ex-D’Tigers coach Brown sets goals for new job
BY Abiodun Saheed Omodara July 9, 2025 0

The former head coach of the Nigerian men's national basketball team, D'Tigers,Mike Brown,has s...


U.S. Reduces Visa Duration for Nigerians to Three Months
BY Abiodun Saheed Omodara July 10, 2025 0

The U.S. Department of State has changed its five-year visa policy for Nigerians applying for non-im...


JAMB Sets 2024 Cut-Off Marks for Tertiary Institutions
BY Abiodun Saheed Omodara July 10, 2025 0

The Joint Admissions Matriculation Board announced the admission cut-off marks for universities, pol...


Federal Government Launches Exclusive Passport Office for Senior Officials
BY Abiodun Saheed Omodara July 10, 2025 0

ABUJA, Nigeria - The federal government on Tuesday, inaugurated a new passport front office in Abuja...


African Democratic Congress Claims Government Coercion to Weaken Opposition Coalition
BY Abiodun Saheed Omodara July 9, 2025 0

The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of ta...


More Articles

Load more...

Menu