• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NUPRC grants first petroleum exploration license to TGS-PetroData Offshore

Petroleum

The Matters Press by The Matters Press
October 13, 2023
Reading Time: 2 mins read
0
NUPRC, others embark on joint investigation

Abuja, Oct.13, 2023: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in compliance with provisions of Section 71 (1) – (10) of the Petroleum Industry Act (PIA) 2021 has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD).

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

The PEL is the first under the PIA 2021 and is under the licence agreement which the Commission and TGS-PD executed for a Geophysical Survey Project for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data.

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC in a statement on Thursday said the development was another milestone in the smooth implementation of the PIA for the attraction of investment in the oil and gas sector.
“Without data, reserves cannot be auctioned for development and revenue attraction. “Data acquired under the PEL is not proprietary but speculative/multi-client survey data acquired in partnership with the NUPRC.

“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.
“Due to the specialised nature of the Geophysical Survey Vessel to be used for the acquisition of the 3D seismic and gravity data, the Nigerian Content Development and Monitoring Board granted no objection to TGS-PD to deploy the facility,” he said.

He said the acquisition of the 3D seismic and gravity data commenced on July 17, 2023, and the processed data would be available for use by mid-2024.

He included the scope of the Geophysical Survey Project as Phase one acquisition of about 11,900 sq. km of new 3D seismic and gravity data in water depth ranging from 30m to 4000m offshore Niger Delta.

According to him, acquiring seismic and gravity data at the same time will improve the correlation of identified structures and reservoirs.

“Record length of 14 seconds. This is the first of its kind in Nigeria. This will image deeper reservoirs that have not been imaged offshore Niger Delta before now.

“The acquired seismic and gravity data will be processed using the latest TGS proprietary technology. The acquired data will be licensed to exploration companies,” he said.

The CCE however listed the benefits that Nigeria would derive from the new 3D seismic and gravity data acquisition to include availability of new regional 3D seismic and gravity data in deep waters ranging from 30m to 4000m offshore Niger Delta.

He said the Commission had the sole right and title over the acquired raw and interpreted data to be obtained by the licensee (TGS-PD) under a petroleum exploration licence. Therefore, the 3D seismic and gravity data belongs to the Nigerian Government.

“Based on section 71(7) of the PIA, the Commission and Federal Government of Nigeria shall benefit from the revenue that will be generated from the data use licence that will be granted to interested exploration companies by TGS-PD.

“The new 3D seismic and gravity data being acquired will further provide an opportunity for understanding the regional petroleum system of the ultra-deep waters of Nigeria and unlock the hydrocarbon prospectivity of Nigeria’s frontier basins (Ultra-deep offshore).

“The 3D seismic and gravity data when acquired will be useful in future deep water licencing rounds which will attract Foreign Direct Investments (FDIs) into oil and gas exploration in Nigeria,” he said.

Tags: Petroleum
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
Flour millers to establish wheat procurement centres in 15 states

Nigeria to grow wheat in 70,000 hectares in Jigawa

IMF’s reasons for Nigeria’s economic recovery

IMF, World Bank raise funds to support poor countries

Recommended Stories

Blackout hits Nigeria as grid collapses again

Power outage in Imo beyond our control, says EEDC

November 10, 2023
NEPC trains150 youths on export

NEPC urges non-oil exporters to take advantage of its training programmes on e-commerce

March 15, 2023
“Naira-4-Dollar” getting results

Naira depreciates by 0.46%, exchanges at 441.17 to dollar

October 12, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us