June 22, 2024
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OIL & GAS

NUPRC Partners Schlumberger to Develop Nigeria’s Frontier Oil Basins

On Sunday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced a collaboration with Schlumberger Global to develop Nigeria’s frontier oil basins.

Schlumberger, also known as SLB Global, is a prominent entity in the oil and gas industry. Nigeria’s frontier basins are regions with untapped potential for oil and gas reserves that have not been extensively explored.

Gbenga Komolafe, Chief Executive of NUPRC, hosted a delegation led by Schlumberger’s President, Olivier Le Peuch. They discussed developing these basins, according to a statement from the commission in Abuja.

“Topics of mutual interest included the development of Nigeria’s frontier basins and the integration of innovative technologies to enhance exploration and production efficiencies,” stated NUPRC.

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Nigeria’s frontier basins, which include the Anambra, Benue Trough (Lower, Middle, Upper), Chad (South-Eastern sector), Dahomey, Bida (Mid-Niger), Sokoto, and Deep/Ultra-deep offshore basins, hold promise for boosting the country’s hydrocarbon production. These basins are seen as new sources of oil and gas revenue with significant potential for domestic and export use.

NUPRC oversees frontier basin exploration through regulation, viewing these basins as crucial for Nigeria’s long-term energy security and economic growth.

The meeting between NUPRC and Schlumberger showed the commission’s commitment to fostering strategic partnerships aimed at enhancing Nigeria’s oil production and operational efficiency.

The visit aimed to explore specific collaboration areas between the two organizations. Komolafe emphasized NUPRC’s participatory and collaborative approach to facilitate business operations in the oil sector.

He highlighted the commission’s achievements since its inception in 2021 under the Petroleum Industry Act, including the establishment of 17 regulations to improve industry standards and operational efficiency.

“Additionally, the re-engineering of the Nigeria National Data Repository has been a significant milestone, promoting the monetization of oil blocks and aligning regulations with global energy transition initiatives and carbon footprint reduction goals,” stated the commission.

At the meeting’s conclusion, both parties agreed to establish a contact team to further explore and identify opportunities for collaboration, focusing on expanding mutual interests and ensuring effective cooperation to achieve their shared objectives, according to NUPRC.

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