The Nigerian Upstream Petroleum Commission (NUPRC) has granted a Petroleum Exploration Licence (PEL) to TGS-Petro Data Offshore Services Limited.
It said the move is in compliance with the provisions of Section 71 (1) – (10) of the Petroleum Industry Act (PIA) 2021.
The Commission in a statement signed by its Chief Executive, Engr Gbenga Komolafe said the Geophysical Survey Project includes the acquisition of about 56,000 square kilometres of 3D seismic and gravity data.
“The development is another milestone in the smooth implementation of the PIA for the attraction of investment in the oil and gas sector in Nigeria. Without data, reserves cannot be auctioned for development and revenue attraction,” it said.
He explained that data acquired under the PEL is not proprietary but speculative/multi-client survey data acquired in partnership with the NUPRC.
“The license therefore authorizes 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 (NCDMB) granted no objection to TGS-PD to deploy the facility,” he said.
According to him, acquisition of the 3D seismic and gravity data commenced on July 17, 2023, and the processed data will be available for use by mid-2024.
He noted that the new 3D seismic and gravity data acquisition will ensure availability of new regional 3D seismic and gravity data in deep waters ranging from 30m to 4000m offshore Niger Delta.
Also, he said the Commission has 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,” he added.
READ ALSO FROM NIGERIAN TRIBUNE
“We are introducing the code system that will allow mobile phone users to verify a…
The need to caution leaders of opposition political parties, community and religious leaders from instigating…
The Independent National Electoral Commission (INEC) has rejected a letter of introduction of an Acting…
•He enjoys our blessings to remain in LP •Says same privilege extended to El-Rufai The…
Insurance stocks listed on the Nigerian Exchange (NGX) have recorded a total market capitalization of…
Prospects & perspective. Alhaji Abubakar Atiku, ex VP & Peter Obi, have taken an unaccustomed…
This website uses cookies.