The Federal Government of Nigeria has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited.
This marks a historic moment as it is the first license of its kind to be issued under the Petroleum Industry Act (PIA) of 2021.
The Nigerian Upstream Petroleum Commission (NUPRC) granted the PEL in strict compliance with the provisions outlined in Section 71 (1) – (10) of the PIA. This announcement came as part of the government’s broader initiative to revitalize the country’s energy sector and boost crude oil output.
Additionally, it was revealed that Nigeria has seen a substantial increase in its oil drilling rig count, rising from 10 rigs in 2022 to a total of 31 in August this year, resulting in higher crude oil production for the month of September.
Gbenga Komolafe, the Chief Executive of NUPRC, emphasized the importance of the Petroleum Exploration Licence as it pertains to the acquisition of approximately 56,000 square kilometers of 3D seismic and gravity data.
This development is expected to attract investments in the oil and gas sector, spurring further growth and opportunities. He also highlighted that the PEL authorizes TGS-PetroData Offshore to conduct non-exclusive petroleum exploration operations on a multi-client basis within the licensed area.
The data acquired under this license will not be proprietary but speculative/multi-client survey data, designed to be used by exploration companies, ultimately promoting transparency and collaboration within the industry.