• Wednesday, June 19, 2024
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BusinessDay

NNPC signs deal with Schlumberger to boost upstream operations

The Nigerian National Petroleum Corporation (NNPC) Limited has sealed a deal with American oilfield company, Schlumberger, to boost upstream operations in Nigeria’s oil and gas sector.

The state-owned oil company made this known in a release signed by Olufemi Soneye, chief corporate communications officer of the NNPC on Thursday in Abuja.

Speaking after the signing, Mele Kyari, the Group CEO of NNPC Ltd., described the ongoing reforms within the industry as a trigger for the potential release of investments in the short term.

He said: “Quite a number of reforms are unfolding, and at the back of it is a potential release of investments that we are seeing in the very short term.

Read also: NNPC, NOS hit first oil in OML13, eye 40,000bpd

“Our physical environment is excellent today; contracting processes have been reviewed by virtue of the clear reforms Mr. President has put in place; and ultimately, we are already seeing substantial energy going into unlocking opportunities of today.”

Highlighting the numerous benefits of the partnership, Kyari said it would lead to increased activity and more drilling campaigns that would add value to the two organisations.

He revealed that NNPC was working on a rig share platform with a definite plan around well drilling activities and associated operations in the coming years, which, he further explained, would increase crude oil production and support the ongoing plan to deepen gas utilisation within the country.

Kyari, who expressed confidence in the long-standing relationship between NNPC Ltd and Schlumberger (SLB), said the NNPC would leverage the assets within its control to accelerate the values that will come from this partnership.

Read also: NNPC, partner target 12,000bpd from Awoba Unit Field in May

“We are counting on Schlumberger (SLB) as our partners of 70 years. We are in business; we see the opportunities and strategic need to work with you and ultimately, we will create value for our country,” the GCEO noted.

Earlier in his remarks, Olivier Le Peuch, the Chief Executive Officer of Schlumberger, said the agreement was poised to accelerate the achievement of Nigeria’s exploration and production targets, which will foster Nigeria’s economic growth and prosperity.

“We are here to celebrate the strategic partnership that we signed with EnServ as a technical partner. This agreement is geared towards unlocking the capacities of EnServ for Nigeria, which potentially will help NNPC Ltd. achieve its exploration and production targets. We look forward to using this technical partnership as a springboard to accelerate the vision that the industry needs,” Le Peuch added.

Read also: NNPC, First E&P begin crude oil production at OML 85

He said that as a company that has been on the shores of Nigeria for 70 years, Schlumberger (SLB) remains committed to investing in local talents and building capacity through technology and performance.

“We are pleased to be at the centre of this transition and are in a position where we can bring our technical capability, technology, and capacity to the country so as to support the operations of NNPC Ltd,” he said.