The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has urged members not to shut down operations.
This is following the association’s conflict with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over bridging claim issues.
The National Public Relations Officer (PRO), PETROAN Dr Joseph Obele made the call after an emergency national executive meeting on Tuesday in Abuja.
Obele said that PETROAN would dialogue with NMDPRA over the outstanding payments of the bridging claims rather than shutting down operations.
“While acknowledging the frustration and concerns of members regarding the unpaid bridging claims totalling N100 billion, PETROAN firmly believes that a shutdown will have devastating consequences.
“These consequences include fuel scarcity, economic disruption and
hardship for the Nigerian people,” he said.
He said that PETROAN reaffirmed its commitment to dialogue rather than industrial action.
“The association urges all parties to engage in constructive engagement and good-faith negotiations to resolve the issue,” he said.
According to Obele, a lot will be achieved through dialogue, especially when parties identify mutually beneficial solutions, build trust and strengthen relationships.
“A lot will also be achieved if we avoid costly and damaging shutdowns and ensure the continued stability and growth of the downstream petroleum sector.
“PETROAN also commends President Bola Tinubu’s efforts to reform the petroleum sector, promoting transparency, accountability and economic growth.
“The association encourages all stakeholders to support and encourage these reforms, rather than sabotaging them ” he said.
Obele urged the authorities responsible to facilitate the prompt payment of outstanding bridging claims to do so.
He said that this would help to alleviate the financial burden on members and ensure the continued smooth operation of the downstream petroleum sector.
He commended the National President, Dr Billy Gillis-Harry, for promoting the stability and growth of the downstream petroleum sector through dialogue, cooperation and innovative solutions.
[12:15 PM, 2/26/2025] Seun ND: OPEC Chief tasks Africa on unlocking 120bn barrels of oil reserves
The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Mr Haitham Al-Ghais has tasked Africa to unlock its proven oil reserves of over 120 billion barrels.
He made this known while delivering a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier”, at the ongoing Nigeria International Energy Summit (NIES) 2025 in Abuja, Nigeria.
The eight edition of the energy summit, which opened on Monday and ends on Thursday, has ‘’Bridging continents: Connecting investors with Africa’s Energy Potential’’ as theme.
He also said that Africa with around 18 trillion standard cubic metres of natural gas, was a testament to the continent’s crucial role in the global energy landscape.
“The world will need more of this oil in the future. Therefore, it is critical that the African oil and gas industry attracts the level of investment necessary to unlock this great potential”, Al-Ghais added.
He said that the vast resources at Africa’s disposal should not be disregarded or neglected merely to accommodate the energy transition agenda pushed by Western nations.
The secretary-general expressed appreciation to the leadership and people of Nigeria for their hospitality and thanked the summit organisers for their efforts in organising this year’s edition.
According to him, OPEC’s market research and forecasting points to the importance of Africa.
“Additionally, we know from Nigeria’s countless contributions to OPEC’s successes, how rewarding it is to work in this great nation. We encourage all potential investors to look at Nigeria’s oil and gas industry,”.
Al-Ghais highlighted the strong and enduring relationship between OPEC and Africa, noting that half of OPEC’s member countries are from the continent, including Nigeria, the most populous African nation, and Algeria, the largest in geographical size.
Other African OPEC members include Congo, Gabon, Equatorial Guinea, and Libya.
He also lauded Africa’s youthful and dynamic population, which presents a strong workforce for the oil sector.
“It’s crucial to discuss how we can unlock the potential that this great continent holds, and how to create an investment-enabling environment that attracts the capital necessary to fully realize that potential,” he said.
“The investment needs of the oil industry are substantial, with cumulative requirements amounting to 17.4 trillion dollars by 2050.
“This is why stability in the oil market is essential for investors to plan effectively,” he added.
He highlighted OPEC’s views on some important topics relevant to both the global industry and Africa, including future of global oil demand, energy investment and finance, as well as the ever-evolving issue of climate change and energy transitions.
