Vessel ownership: PETAN to increase indigenous participation by 30%

Adewale Sanyaolu

To reduce pressure on the country’s foreign exchange, the Petroleum Technology Association of Nigeria (PETAN), says it plans to increase indigenous vessel ownership from less than 10 per cent to more than 40 per cent.

PETAN is a group of Nigerian indigenous oilfield service companies founded to utilise the technical know-how acquired in the oil and gas industry by Nigerians as a springboard for economic and technological advancement.

Also listed in the planned capacity expansion are; fabrication tonnage from nothing to about 60, 000 metric tonnes; iron processing, pipe-coating, pipe-laying, operation and maintenance, FPSO integration and engineering design, among others.

PETAN President, Mr. Bank -Anthony Okoroafor, gave the hint at the Association’s 2019 Clients’ Appreciation and Industry Achievement Awards with the theme : “Oilfield of the Future: operational Excellence” held in Lagos at the weekend.

Okoroafor, assured the GMD and all other stakeholders present that PETAN remains committed to ensure a sustainable environment for business and for the people.

“PETAN remains committed to partnering with all stakeholders to create enabling environment for investment to thrive. PETAN was formed to utilise the technical know-how that abounds in the oil and gas industry by Nigerians as a springboard for economic change and technological advancement of our nation.

This we have been pursuing since 1990. It was in 2010 that PETAN developed a-4Cs strategic plan, Capacity Building, Capitalisation, Collaboration and Consolidation, to identify and leverage capacity gaps from the Local Content Act, consolidate and expand end-to-end capacities across the value chain.”

PETAN will be 30 years in March 2020 and its members are inviting the audience to celebrate the milestone with its in grand style.