Federal Government Grants First Petroleum Exploration Licence Under PIA

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited, marking the first new license issued under the Petroleum Industry Act (PIA) 2021.
This PEL is in compliance with the provisions of the PIA and covers a Geophysical Survey Project for the acquisition of 56,000 square kilometers of 3D seismic and gravity data.
The data is essential for understanding the regional petroleum system in the ultra-deep waters of Nigeria and attracting foreign direct investment to the oil and gas sector.
It will also create opportunities for increasing oil and gas reserves, Nigerian content development, and employment of local professionals.
The acquisition of 3D seismic and gravity data commenced in July 2023, and the processed data will be available for use by mid-2024.

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