The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No. 5 agreement with SeaSeis Geophysical Limited, authorising the firm, in partnership with the commission and TGS, to acquire and process new 3D seismic and gravity data.
This was disclosed in a statement issued on Wednesday by the Commission in Abuja.
|
|
According to the statement, the agreement was signed on Tuesday at the commission’s headquarters in Abuja and will run for three years. It also empowers the partners to issue data-use licences, with revenues to be shared between the company and the commission.
The project, described as a major seismic data acquisition effort, covers about 11,700 square kilometres offshore the Eastern Niger Delta, in water depths ranging from 400 to 2,800 metres.
|
|
|
|---|
Officials said the licence is expected to improve subsurface understanding, enhance exploration prospects, and support more efficient development of Nigeria’s hydrocarbon resources, in line with the provisions of the Petroleum Industry Act.
The agreement comes amid ongoing efforts by the Nigerian government to attract investment into the oil and gas sector and reposition the industry through reforms aimed at maximising the country’s vast hydrocarbon resources.
Comments
Speaking at the event, the commission’s Chief Executive, Oritsemeyiwa Eyesan, said the issuance of the PEL 5 licence reflects the regulator’s commitment to data-driven exploration, transparency, and long-term value creation.
She noted that exploration activities depend heavily on confidence in data and processes, adding that credible partnerships are essential to achieving Nigeria’s production and reserve growth targets.
“The PIA recognises that licences can be assigned on non-exclusive acreages to contractors willing to undertake exploration. As the industry’s chief superintendent, we must also ensure we meet production and reserve targets, and this can only be achieved with partners committed to exploration,” she said.
Mrs Eyesan added that the agreement signals growing interest in exploration activities within Nigeria’s upstream oil and gas sector.
In his remarks, the Managing Director of SeaSeisGeophysical Limited, Goke Adeniyi, described the PEL 5 project as the company’s largest in Africa.
ALSO READ: Nigeria remains major Offshore/Onshore investment destination – Tinubu
He said the licensed area, located within the Outer Fold and Thrust Belt of the eastern Niger Delta, was carefully selected due to its high potential despite its geological complexity.
Mr Adeniyi added that the project would deploy advanced broadband acquisition technology, including GeoStreamer dual-sensor systems, to generate high-quality seismic data.
“We are confident that the high-fidelity 3D seismic data to be acquired will enable operators to evaluate prospects with greater certainty,” he said.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
