Nigeria: Petan, Akwa Ibom Govt Sign MOU On Oil, Gas Asset Development

7 April 2026
Vanguard (Lagos)

The Petroleum Technology Association of Nigeria (PETAN) has signed a Memorandum of Understanding (MoU) with the Akwa Ibom State Government for the joint development of oil and gas assets in the state, in a move aimed at boosting investment, infrastructure development, and indigenous participation in Nigeria's energy sector.

The agreement was formalised at a signing ceremony held in Uyo, Akwa Ibom State, where both parties expressed commitment to closer collaboration in unlocking opportunities within the oil and gas value chain.

Representing the Akwa Ibom State Government at the event was the Managing Director of the Akwa Ibom Investment Corporation, Mr. Imo Abasi Jacob, while PETAN was represented by Dr. Okey Ukaegbu, Conference Chairman-Elect, and Engr. Kevin Nwanze, Executive Secretary of PETAN.

Under the leadership of its Chairman, Engr. Wale Ogunsanya, PETAN said the partnership aligns with its broader commitment to strengthening indigenous capacity and advancing sustainable growth in the energy sector.

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According to Mr. Ogunsanya, "At PETAN, we believe the future of Nigeria's energy industry will be shaped by strong partnerships, local capacity, and purposeful investment. This MoU with the Akwa Ibom State Government is a major step in that direction. It creates a framework for unlocking opportunities in oil and gas asset development, supporting indigenous companies, and delivering long-term economic value for the state and for Nigeria."

The partnership is expected to open new opportunities for PETAN member companies, accelerate infrastructure growth, create employment, deepen investment engagement, and strengthen Akwa Ibom State's standing in Nigeria's oil and gas industry through broader participation in the development of critical assets within the state.

The development comes at a time when stakeholders across the energy industry are calling for stronger collaboration to maximise Nigeria's hydrocarbon resources, drive industrial growth, and deliver long-term value to host communities and the wider economy.

Both parties expressed confidence that the partnership would deliver meaningful impact for the state, the industry, and the country at large.

Read the original article on Vanguard.

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