Business News

NNPCL seals deal with American oil firm to boost Nigeria’s upstream operations  

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

This is contained in a statement by the spokesperson of NNPC, Olufemi Soneye, on Thursday in Abuja.  

According to the statement, both oil majors signed a technical partnership agreement to foster investment in the upstream sector of the country.  

Soneye noted that the agreement was finalized at the Corporate Headquarters of NNPC Ltd. in Abuja on Thursday, and it was attended by senior management teams from both companies. 

Soneye relayed a statement from Mr. Mele Kyari, Group Chief Executive Officer of NNPC Ltd., indicating that the agreement would enhance operational activities and expand drilling campaigns, thereby adding value to both organizations. 

On its part, the Chief Executive Officer of Schlumberger (SLB), Mr. Olivier Le Peuch, said that the agreement is set to fast-track the attainment of Nigeria’s exploration and production objectives.  

He said this acceleration would bolster Nigeria’s economic growth and prosperity. 

He noted 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. 

The upstream segment of the oil and gas sector is the pinnacle of the oil and gas industry in Nigeria and it’s managed by the regulatory body, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).