The Federal Government has granted TGS-PetroData Offshore Services Limited a Petroleum Exploration Licence, the first of its kind under the Petroleum Industry Act 2021.
According to The Punch, It stated that the license was in accordance with Sections 71 (1) through (10) of the PIA and had been awarded by the Nigerian Upstream Petroleum Commission.
It also revealed on Thursday that Nigeria’s oil drilling rig count had climbed from 10 in 2022 to 31 in August this year which led to a jump in crude oil output in September.
The Petroleum Exploration licensing was issued pursuant to the licencing agreement that the commission and TGS-PD negotiated for a geophysical survey project, according to NUPRC Chief Executive Gbenga Komolafe.
In a statement he personally signed, he stated that the license was for the collecting of 3D seismic and gravity data covering around 56,000 square kilometers. He also added that the development would draw investment to the oil and gas industry.
“Reserves cannot be auctioned off for development and revenue attraction without data. Data obtained through the PEL is not confidential; rather, it is speculative/multi-client survey information obtained in collaboration with the NUPRC.
The license consequently authorizes the use of the obtained 3D seismic and gravity data by exploration companies and grants TGS-PetroData Offshore permission to conduct non-exclusive petroleum exploration operations on a multi-client basis inside the licensed area,” according to Komolafe.
Regarding the increase in the number of rigs in Nigeria, the head of NUPRC noted that in the years prior to the passage of the PIA, investments in the country’s oil and gas sector had largely decreased due to regulatory uncertainty, de-funding of fossil fuel development brought on by energy transition, and the call for decarbonization on a global scale.
