The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Thursday it has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD).
The NUPRC Chief Executive, Gbenga Komolafe, in a statement on Thursday, said the granting of the license is in compliance with the provisions of Section 71 (1) – (10) of the Petroleum Industry Act (PIA) 2021.
Mr. Komolafe explained that the PEL is the first under the PIA 2021 and is under the license 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.
He said 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. Data acquired under the PEL is not proprietary but speculative/multi-client survey data acquired in partnership with the NUPRC,” he said.
Mr. Komolafe said due to the specialized 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.
“The acquisition of the 3D seismic and gravity data commenced on 17 July 2023, and the processed data will be available for use by mid-2024,” he said.
He noted that the scope of the geophysical survey project include Phase 1 acquisition of about 11,900 sq. km of new 3D seismic and gravity data in water depths ranging from 30m to 4000m offshore Niger Delta.
“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 and the acquired data will be licensed to exploration companies,” he said.
The official listed benefits that Nigeria will derive from the new 3D seismic and gravity data acquisition.
“Availability of new regional 3D seismic and gravity data in deep waters ranging from 30m to 4000m offshore Niger Delta. 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 license,” he added.
Therefore, he said the 3D seismic and gravity data belongs to the Nigerian government.
Based on section 71(7) of the PIA, he said the commission and the federal government of Nigeria shall benefit from the revenue that will be generated from the data use license that will be granted to interested exploration companies by TGS-PD.
He further explained that the new 3D seismic and gravity data being acquired will 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 licensing rounds which will attract Foreign Direct Investments (FDIs) into oil and gas exploration in Nigeria” and “create opportunities for increasing oil and gas reserves and production and create opportunities for Nigerian Content Development and employment of Nigerian professionals,” he said.
Source- Premium Times Newspaper.