The Chairman of Petrolog Group, Dr. Vincent Ebuh and the Petroleum Technology Association of Nigeria (PETAN), have said oil servicing companies that invested in capacity building are under tremendous pressure due to reduced patronage, Vanguard reports.
Speaking at the award ceremony of PETAN in Lagos, Ebuh also said that indigenous oil servicing companies face the challenge of low prices for services rendered to the International Oil Companies (IOCs). He aligned with PETAN’s position that indigenous companies must review their strategies to survive the present economic climate in the country.
Also speaking at the ceremony, Chairman of PETAN, Mr Bank Anthony, observed that the global trend of crude oil price coupled with local factors such as pipeline vandalism and the general insecurity in Niger Delta region have significantly unsettled the industry. According to him, the oil industry is bleeding and many PETAN members are suffering at an unprecedented level.