PETAN Seeks Aradel’s Partnership For Improved Oil Production 

The Petroleum Technology Association of Nigeria (PETAN) said it is seeking support from Aradel Holdings to improve Nigeria’s oil production and bridge the gap between its producing and selling costs.
The Chairman, PETAN, Wole Ogunsanya, sought the cooperation during a Courtesy Visit to the Chief Executive Officer (CEO) of Aradel Plc, Adegbite Falade, in Lagos.
Ogunsanya highlighted Nigeria’s high cost of production compared to other countries, insisting PETAN’s responsibility to bridge this gap through  collaboration with the government, regulators, and producers.
“Recognising the need for concerted efforts to revamp the economy through increased oil production, PETAN pledges its members’ extensive capabilities to ramp up oil and gas production at reduced costs”, Ogunsanya said.
The PETAN boss explained that the visit aimed to share thoughts on industry practices and trends, seek Aradel Holdings’ support for PETAN’s 30th-anniversary celebration, and explore collaboration opportunities.
He emphasised that PETAN members, with decades of industry experience, possess the equipment needed to boost oil production in Nigeria.
“In the next few years, nearly 70 per cent of onshore assets will be owned by Nigerians.
“PETAN has a strategy to maximise these assets through a partnership model that integrates funding strategies and cost-saving technologies”, he said.
Ogunsanya, who proposed a Memorandum of Understanding (MoU) with Aradel to pursue and realise this partnership, urged stakeholders to work toward eliminating the impact of portfolio companies in the industry.
In his Remarks, Aradel boss, Falade, expressed delight in PETAN’s dependable partnership in the oil and gas industry.
He noted that PETAN’s aspirations aligned with the Federal Government’s vision and the goals of other industry operators, including Aradel.
Falade assured that Aradel remained committed to deepening its relationship with PETAN members to provide critical services.