• Tuesday, March 05, 2024
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Nigeria, Argentina to partner in gas exploration, production

Nigeria has potential to produce 2.2m oil bpd – NUPRC boss

The Federal Government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is looking to partner with Argentina in natural gas exploration and production.

This is according to the regulatory commission on its official Twitter account on Wednesday, November 22.

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According to the NUPRC, this surge in investment comes at a time when Argentina has expressed its strong interest in partnering with Nigeria to explore and develop its vast gas reserves.

Alejandro Herrero, the Argentinian Ambassador to Nigeria, paid a courtesy visit to NUPRC headquarters earlier today to underscore his country’s commitment to exploring opportunities for collaboration in the Nigerian gas sector.

He conveyed Argentina’s enthusiasm to leverage its expertise and resources to contribute to Nigeria’s gas exploration and production efforts.

In response, Gbenga Komolafe, Chief Executive of the regulatory commission reaffirmed the commission’s unwavering dedication to fostering a conducive environment for investment in Nigeria’s oil and gas industry.

According to him, the petroleum fiscal system in Nigeria is now opting for production-sharing contracts (PSC) as a new model of agreement for the exploration and production of oil and gas resources.

Read also: Employing advanced technologies for improved production in Nigeria’s oil and gas industry

He added that the commission will in a matter of weeks commence the auction of uncommitted Gas fields in Nigeria.