Petroleum Technology Association of Nigeria (PETAN) and the Lagos Deep Offshore Logistics Base (LADOL) have expressed confidence that the declining crude oil prices pose great opportunities for patronage of indigenous companies.

The oil price has now fallen by more than half since June of 2014 when it was $110 per barrel, hovering between $27 and $40 a barrel in the last three weeks.

They believed that the current unpleasant situation in the oil market would assist in promoting local content policy in the country.

To this end, the LADOL and PETAN decided to collaborate in the area of human capacity development for Nigeria’s oil and gas sector.

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