Nigeria’s state-owned oil company, NNPC Ltd, and its joint venture partner, Chevron Nigeria Ltd, have completed the conversion of five assets to align with the Petroleum Industry Act (PIA) 2021.
A statement signed by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye says the move is expected to increase domestic gas supply and expand global market presence. The partners aim to produce 165,000 barrels of oil per day by December 2024.
The conversion involves the transition of Oil Mining Leases (OMLs) to Petroleum Mining Leases (PMLs) under the new PIA regime, which is seen as more investor-friendly.
NNPC Ltd’s Group CEO, Mele Kyari, praised Chevron as a reliable partner, while the Director of Deepwater and Production Sharing Contract at Chevron, Michelle Pflueger, reaffirmed the company’s commitment to the assets.
The conversion is a strategic move to implement the PIA successfully, according to NNPC Ltd’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan.
The partners are focusing on increasing crude oil production and maintaining network stability to facilitate gas supply, particularly to the domestic market.
This development comes as Nigeria seeks to boost its oil production and expand its presence in the global energy market.
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