PETAN Calls for Reassignment of Idle Oil Assets in Nigeria

The Petroleum Technology Association of Nigeria (PETAN), represented by President Wole Ogunsanya, has called on the Federal Government and regulators to reassign idle oil assets from operators lacking the technical capacity to develop them. This appeal was made during the Energy Leaders Summit in Lagos, where Ogunsanya emphasized that Nigeria must enhance its crude oil production to reach a target of three million barrels per day by 2030.

He pointed out that many oil assets with significant production potential have been awarded to companies without the necessary expertise. Ogunsanya stated that the current production levels, between 1.7 million and 1.8 million barrels per day, could be significantly improved.

He urged the Nigerian National Petroleum Company Limited and regulators to ensure that assets are transferred to capable operators, especially as new bidding rounds are anticipated. Ogunsanya highlighted the potential of deepwater, land, swamp, and shallow-water projects to increase production.