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The Nigerian government has awarded a Petroleum Exploration Licence to TGS-PetroData Offshore Services Limited, marking the first license of its kind issued under the Petroleum Industry Act (PIA) of 2021.
This license, granted by the Nigerian Upstream Petroleum Commission (NUPRC), aligns with the provisions of Section 71 (1) – (10) of the PIA and is part of the license agreement between the commission and TGS-PD for a geophysical survey project.
The Chief Executive of NUPRC Gbenga Komolafe, who confirmed the issuance of the Petroleum Exploration License in a statement, said the license facilitates the acquisition of approximately 56,000 square kilometers of 3D seismic and gravity data, a development expected to attract investment within the oil and gas sector.
“The licence therefore authorises TGS-PetroData Offshore to carry out non-exclusive petroleum exploration operations on a multi-client basis within the licensed area and permits the use of the acquired 3D seismic and gravity data by exploration companies,” Komolafe stated.
He further stressed the role of data in the auctioning of reserves for development and revenue generation and clarified that the data acquired under the PEL is non-proprietary.
Prior to the implementation of the Petroleum Industry Act, investments in Nigeria’s oil and gas industry had dwindled due to factors such as regulatory uncertainties, the shift towards renewable energy, and the global push for decarbonization.