PETAN Calls for $6 Billion Investment to Boost Oil Output

The Petroleum Technology Association of Nigeria (PETAN) has stated that Nigeria needs an estimated $6 billion investment in oil and gas equipment to achieve its production target of three million barrels per day. Mr. Wole Ogunsanya, the PETAN President, made this announcement during a media roundtable in Lagos.

He highlighted the escalating brain drain as a significant threat to the availability of skilled professionals necessary for operating oil and gas assets. Ogunsanya noted that experienced Nigerian professionals are increasingly being recruited by oil-producing countries such as Qatar and Saudi Arabia, creating a manpower gap that could hinder Nigeria's production ambitions.

He linked this challenge to the divestment of international oil companies (IOCs) from onshore assets, which historically contributed to training Nigeria's oil and gas professionals. Ogunsanya urged indigenous companies acquiring these assets to implement comprehensive training programs to develop new talent.

He emphasized that investment in equipment must be paired with manpower development to sustain production levels.