PETAN Seeks Oil Contracts Award Preference For Indigenous Firms

Petroleum Technology Association of Nigeria (PETAN) has advocated for the preferential contract offer to indigenous oil companies in Nigeria as enshrined under the law.

The association chairman, Engr. Wole Ogunsanya joined industry stakeholders in Abuja for the Petroleum Industry Stakeholders Engagement (PISF) organised by the Ministry of Petroleum Resources during the week.

In his contribution, Ogunsanya proposed on behalf of PETAN that the Ministry uphold Section 3.3 of the Local Content Act 2010 to give first consideration to local contractors in divested assets. The Group further demands the formulation of a National Policy on Oil and Gas Production Volumes.

He said, irrespective of the price of crude, there is urgent need to formulate a policy to produce 2 million bpd for both local consumption and exports to ensure sustainability.