The Petroleum Technology Association of Nigeria has claimed that the country is losing a lot of revenue daily due to its inability to ramp up crude oil production.

The Chairman of PETAN, Wole Ogunsanya, stated this in Lagos recently when the representatives of the Association of Energy Correspondents of Nigeria, 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.

According to Ogunsanya, 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.

April 11, 2024

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