Mr. Wole Ogunsanya says the Petroleum Technology Association of Nigeria (PETAN) is opening nearly $7 billion in investment opportunities to global equipment manufacturers.

Ogunsanya spoke on Wednesday at the 2026 Original Equipment Manufacturers Investment Forum during the Offshore Technology Conference in Houston, Texas.

The forum focused on Nigeria’s investment potential, market entry barriers and stronger partnerships aimed at deepening local content in the energy sector.

Ogunsanya said PETAN was unlocking a multi-billion-dollar gateway for global service providers as indigenous capacity and technology demand continue rising.

He said PETAN members would spend about $7 billion on equipment over the next four years.

He described the projected spending as one of Nigeria’s biggest energy procurement programmes in recent history.

According to him, PETAN comprises 121 Nigerian service companies generating between $5 billion and $6 billion yearly.

He said the companies deliver competitive services across upstream, midstream and downstream oil and gas operations.

“Our members are operating at the same quality level found anywhere globally.

“From Aberdeen to the Middle East and the United States, Nigerian companies are already competing,” Ogunsanya said.

He said indigenous asset acquisitions and production expansion plans were reshaping Nigeria’s energy landscape.

“Nigeria is targeting growth from about 1.5 billion barrels to three billion barrels,” he said.

Ogunsanya said achieving that target would require steady investment in advanced equipment and modern technology.

He estimated annual sector investments of about $1.8 billion would be needed through 2030.

“This is not just an opportunity, it is a necessity. If you bring the best technology, we have capital, talent and the platform to deploy it,” he said.

Ogunsanya said Nigeria’s local content policy now centres on capability, innovation and strategic global partnerships.

“Local content does not mean isolation. It means building world-class capacity at home while working with the best partners,” he said.

He cited ongoing collaborations with global technology providers as evidence of Nigeria’s growing industrial confidence.

With refinery expansion and rising procurement, Ogunsanya urged investors to engage immediately.

“Network with us. Partner with us. Bring your technology. Nigeria is ready, and the growth you seek is happening now,” he said. (NAN)