Nigerian National Petroleum Company Limited has secured a partnership with Nigerian private oil and gas firms on a production sharing contract for petroleum prospecting licences.
NNPCL disclosed this in a statement on Monday, noting that the event took place at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Headquarters in Abuja.
The statement said the partnership concerns PPLs 2000 and 2001, marking a significant milestone in Nigeria’s upstream oil and gas sector.
Commenting on the deal, Group Chief Executive Officer of NNPCL, Bashir Bayo Ojulari, noted that the partnership will improve energy security and drive Nigeria’s economic growth.
“This particular PSC is unique in many respects. It is the first PSC that comprehensively covers its scope, both crude oil and natural gas.
“It is the first PSC with robust gas terms, including a profit gas fleet that incentivises monetisation of non-associated gas,” he stated.
In his remarks, Engr Gbenga Komolafe, CCE of NUPRC, said the award of the two offshore blocks, spanning about 2,000 square kilometres, is a direct product of the transparent, competitive, and reform-driven framework introduced under the PIA 2021.
Also, Managing Director/Chief Executive Officer of TotalEnergies E&P Nigeria Limited, Mr Matthieu Bouyer, described the signing as a reaffirmation of TotalEnergies’ deep and enduring commitment to Nigeria, where the company has operated for over 60 years.
Similarly, the Managing Director of South Atlantic Petroleum Limited (Sapetro), Mr Chukwuemeke Anagbogu, expressed his delight in the partnership.
