Schlumberger (SLB), an American oilfield business, and the Nigerian National Petroleum Corporation Limited (NNPC. Ltd.) have inked a major agreement to expand upstream activities in Nigeria’s oil and gas industry.
Olufemi Soneye, the NNPC spokesperson, made this announcement on Thursday in Abuja.
Both oil companies reportedly inked a technical partnership deal to encourage investment in the nation’s upstream industry.
Soneye reported that senior management teams from both firms were present for the agreement’s finalization on Thursday at NNPC Ltd.’s Corporate Headquarters in Abuja. He omitted, however, to discuss the deal’s financial specifics.
Soneye forwarded a statement from NNPC Ltd.’s Group Chief Executive Officer, Mr. Mele Kyari, stating that the deal would increase drilling campaigns and improve operational activities, providing value to both organizations.
“A lot of reforms are taking shape, and at the core of them is a possible investment release that we will witness very soon.”
“Today’s physical environment is excellent; the clear reforms implemented by the President have led to a review of contracting processes; and ultimately, we are already witnessing significant energy being directed towards unlocking today’s opportunities.”
“Schlumberger (SLB) is one of our 70-year partners, and we rely on them. We see the strategic necessity and opportunity to collaborate with you since we are in business, and in the end, we will add value to our nation,” Kyari stated.
Schlumberger’s statements
Schlumberger’s (SLB) Chief Executive Officer, Mr. Olivier Le Peuch, stated that the arrangement is expected to expedite Nigeria’s exploration and production goals.
According to him, Nigeria’s economic progress and prosperity would be supported by this acceleration.
“We are here to commemorate the strategic alliance we established as a technical partner with EnServ. With this deal, EnServ’s capabilities would be unlocked for Nigeria, potentially assisting NNPC Ltd. in meeting its exploration and production goals.”
Le Peuch added, “We look forward to accelerating the vision that the industry needs by using this technical partnership as a springboard.”
He stated that Schlumberger (SLB), a business that has been operating in Nigeria for 70 years, is still dedicated to developing local talent and enhancing performance and technology.
“We are happy to be at the center of this transition and to be in a position to support the operations of NNPC Ltd. by bringing our technical capability, technology, and capacity to the nation,” he continued.
Things to note
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is the regulatory agency that oversees the upstream part of the oil and gas sector, which is considered the highest point of the industry in Nigeria.
The NUPRC is in charge of keeping an eye on the oil and gas sector to make sure that all applicable rules and laws are being followed.
In addition to the NNPC, the NUPRC is in charge of enforcing safety and other laws pertaining to the import and export of oil products into the nation.
The agency oversees the upstream and downstream petroleum industries in Nigeria as part of its duties.
National Production Monitoring Systems (NIPMS) are also introduced by the Federal Government of Nigeria to track royalty payables and demand notices from all petroleum-related enterprises in the country.
