June 23, 2024
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Nigeria Grants First Petroleum Exploration Licence Under PIA 2021

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded its first Petroleum Exploration Licence (PEL) under the Petroleum Industry Act (PIA) 2021 to TGS-PetroData Offshore Services Limited (TGS-PD).

The licence, issued as part of a Geophysical Survey Project encompassing 56,000 square kilometres of 3D seismic and gravity data, marks a pivotal moment in Nigeria’s oil and gas sector.Compliance with PIA regulations is emphasized, highlighting the essential role of data in reserves auctioning and industry revenue, reports by Leadership.

The 3D seismic and gravity data, acquired through this initiative, is poised to attract Foreign Direct Investments, boost Nigerian content development, and enhance understanding of Nigeria’s ultra-deep offshore potential.

Acquisition, commenced in July 2023, will provide crucial insights for future deepwater licensing rounds, benefitting both exploration companies and the Nigerian government upon data licensing in mid-2024.

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