NUPRC indicators 3D seismic deal to de-risk Nigeria’s oil investments

The Nigerian Upstream Petroleum Regulatory Fee has signed a Petroleum Exploration Licence No. 5 settlement with SeaSeisGeophysical Restricted, authorising the corporate, in partnership with the Fee and TGS, to undertake the acquisition and processing of latest 3D seismic and gravity information.

The three-year deal, signed on the Fee’s headquarters in Abuja on Tuesday, is predicted to deepen subsurface understanding throughout an enormous offshore acreage and supply high-quality information to information future exploration and funding selections.

A press release issued by the Fee’s Head of Company Communications and Media, Eniola Akinkuotu, mentioned the mission covers about 11,700 sq. kilometres within the offshore Jap Niger Delta, spanning water depths of between 400 and a pair of,800 metres.

The assertion learn, “The Nigerian Upstream Petroleum Regulatory Fee has signed a Petroleum Exploration Licence (PEL) No. 5 settlement with SeaSeisGeophysical Restricted (SeaSeis), authorising the corporate, in partnership with the Fee and TGS, to undertake the acquisition and processing of latest 3D seismic and gravity information. The three-year settlement additionally empowers the partnership to problem data-use licences, with revenues to be shared between the corporate and the Fee.”

The most recent transfer underscores the rising significance of information as the muse for oil discovery and funding selections

The foremost seismic information acquisition mission, PEL No.5, covers an space of 11,700 sq. kilometres offshore the Jap Niger Delta in water depths of 400-2800 meters.

The licence is predicted to unlock stronger prospectivity, improve subsurface understanding, and help extra environment friendly improvement of Nigeria’s hydrocarbon assets in step with Part 71(1-10) of the Petroleum Trade Act (PIA) 2021.

Talking on the occasion, the Fee Chief Government, Oritsemeyiwa Eyesan, mentioned the issuance of the PEL5 licence displays the Fee’s continued dedication to data-driven exploration, transparency, and long-term worth creation for Nigeria and the oil and gasoline sector.

Eyesan famous that exploration is essentially pushed by confidence in information and processes, including that the PELNo. 5 initiative underscores the significance of credible partnerships in attaining nationwide manufacturing and reserve progress targets.

“The PIA recognises that we assign licenses on non-exclusive acreages to contractors who’re keen to hold out exploration exercise, and because the chief superintendent of the trade, we additionally be sure that we preserve our manufacturing targets, together with reserves and the one method we will obtain that efficiently is that if we now have companions who’re keen to discover,” the CCE mentioned.

The NUPRC boss additional said that the execution of the PEL No. 5 licence alerts a rising urge for food for exploration actions inside the sector.

In his remarks, the Managing Director of SeaSeis Geophysical Restricted, Goke Adeniyi, described the PEL5 as the corporate’s largest mission in Africa, noting that it underscores the dimensions of alternative inside Nigeria’s upstream sector.

Adeniyi mentioned, “We’re happy to be right here, not simply as SEASEIS however in partnership with TGS”

He additional famous that the PEL 5 space has been fastidiously chosen – overlaying roughly 11,700 sq km within the Outer Fold & Thrust Belt of the japanese Niger Delta — Nigeria’s most prolific however geologically complicated area.

“Utilizing TGS GeoStreamer dual-sensor tech with lengthy offsets, extensive tow and triple-source – broadband acquisition know-how.

“We’re assured that the resultant high-fidelity 3D seismic information will present operators with the info high quality wanted to judge prospects with higher confidence,” he said.

The focused acreage, situated inside the Outer Fold and Thrust Belt of the japanese Niger Delta, is considered one of Nigeria’s most promising but technically difficult hydrocarbon zones.

The terrain has traditionally restricted exploration resulting from its complicated geological constructions, however advances in seismic know-how at the moment are making it extra accessible.

Nigeria has struggled lately to considerably develop its oil reserves, regardless of being Africa’s largest crude producer.

Whereas current fields within the Niger Delta have matured, exploration actions have slowed, partly resulting from funding constraints, regulatory uncertainty and technical challenges in frontier basins.

On the similar time, world competitors for capital has intensified, with traders demanding clearer information and decrease dangers earlier than committing funds.

By unlocking clearer insights into Nigeria’s complicated offshore geology, the initiative is predicted to reinforce prospectivity, de-risk investments and finally help the nation’s long-term manufacturing and reserve progress ambitions.