The Nigerian National Petroleum Company Limited has successfully formed an alliance with local private oil and gas enterprises through a collaborative production sharing contract concerning petroleum exploration licenses.
NNPCL conveyed this information in a statement on Monday, indicating that the momentous occasion unfolded at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Headquarters situated in Abuja.
The announcement highlighted that this groundbreaking partnership pertains to PPLs 2000 and 2001, signifying a pivotal achievement within Nigeria’s upstream oil and gas industry.
In his comments regarding the agreement, Bashir Bayo Ojulari, Group Chief Executive Officer of NNPCL, emphasized that this collaboration will significantly bolster energy security and propel Nigeria’s economic development.
“This exceptional PSC stands out in several facets. It is the inaugural PSC that thoroughly encompasses its scope, addressing both crude oil and natural gas operations.
“It is the first PSC to feature robust gas provisions, including a profit gas framework that encourages the monetization of non-associated gas,” he articulated.
Likewise, Engr Gbenga Komolafe, Chief Executive Commissioner of NUPRC, remarked that the granting of the two offshore blocks, covering approximately 2,000 square kilometers, is a direct outcome of the transparent, competitive, and reform-driven environment established under the PIA 2021.
Moreover, Mr. Matthieu Bouyer, Managing Director and Chief Executive Officer of TotalEnergies E&P Nigeria Limited, characterized the signing as a reaffirmation of TotalEnergies’ profound and longstanding commitment to Nigeria, where the company has been active for over six decades.
In like manner, the Managing Director of South Atlantic Petroleum Limited (Sapetro), Mr. Chukwuemeke Anagbogu, shared his enthusiasm for the alliance.
