Schlumberger Ltd. (SLB) and Nigeria Nationwide Petroleum Corp. Ltd. (NNPC) have signed a cooperation settlement that commits SLB to serving to present technical providers in Nigeria’s upstream oil and fuel sector.
SLB executed the pact with NNPC subsidiary NNPC Power Providers Ltd. (EnServ). “This settlement is geared in the direction of unlocking the capacities of EnServ for Nigeria, which doubtlessly will assist NNPC Ltd to attain its exploration and manufacturing targets”, SLB chief govt Olivier Le Peuch was quoted as saying in an announcement posted by NNPC. “We sit up for utilizing this technical partnership as a springboard to speed up the imaginative and prescient that the business wants”.
Talking after the signing, NNPC chief govt Mele Kyari mentioned NNPC was engaged on a rig share platform that, based on the NNPC assertion, eyes “nicely drilling actions and related operations within the coming years”.
“Fairly numerous reforms are unfolding, and behind it’s a potential launch of funding that we’re seeing in a really quick time period”, Kyari was quoted as saying. “Our bodily setting is superb at this time; contracting processes have been reviewed by advantage of the clear reforms Mr. President has put in place; and finally, we’re already seeing substantial vitality going into unlocking alternatives of at this time”.
Final September the federal government signed a take care of oil majors that goals to chop the length of the awarding course of for growth tasks below present production-sharing contracts to 6 months.
The pact, a memorandum of understanding that additionally serves as a so-called service-level settlement, has “the objective of rapidly ramping up Nigeria’s flagging crude oil manufacturing, guaranteeing compliance with the provisions of the Nigerian Content material Act, and well timed approvals of paperwork”, the NCDMB mentioned in an announcement September 25, 2023, referring to a legislation regulating oil and fuel growth tasks. In addition to the board, the opposite signatories included NNPC, Nigerian Agip Oil Co. Ltd. and subsidiaries of Chevron Corp., Shell, Exxon Mobil Corp. and TotalEnergies SE. The NNPC is the concessionaire of the PSCs held by the multinationals.
Then-NCDMB Government Secretary Simbi Kesiye Wabote advised the Nigerian Oil and Gasoline Alternative Truthful in Could 2023 Nigeria was aiming for over $50 billion value of oil growth tasks over 2024–28.
Nigeria not too long ago elevated its hydrocarbon reserve figures. Identified crude oil and condensate reserves rose to 37.5 billion barrels as of January 1. Related and non-associated fuel stood at 209.26 trillion cubic ft (Tcf), based on a report by the Nigerian Upstream Petroleum Regulatory Fee April 16, 2024.
Of the liquid reserves, petroleum totaled 31.56 billion barrels whereas condensate stood at 5.94 billion barrels. Of the fuel reserves, related volumes have been 102.59 Tcf whereas non-associated fuel stood at 106.67 Tcf.
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