The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has secured a significant agreement with SeaSeis Geophysical Limited to enhance offshore exploration in the country. The Petroleum Exploration Licence (PEL) No. 5, signed on Tuesday at the commission's headquarters in Abuja, authorises the partnership to acquire and process new 3D seismic and gravity data. This major seismic data acquisition effort will cover approximately 11,700 square kilometres offshore the Eastern Niger Delta, spanning water depths of 400 to 2,800 metres.

The agreement is expected to improve subsurface understanding, boost exploration prospects, and support more efficient development of Nigeria's hydrocarbon resources, as mandated by the Petroleum Industry Act. The licence will be valid for three years, during which time the partners will issue data-use licences, with revenue shared between the company and the commission.

This development comes as the Nigerian government intensifies efforts to attract investment into the oil and gas sector and reposition the industry through reforms aimed at maximising the country's vast hydrocarbon resources.

💡 NaijaBuzz Take

The NUPRC's decision to grant a Petroleum Exploration Licence to SeaSeis Geophysical Limited marks a crucial step in the country's efforts to boost oil and gas production. However, the success of this project will ultimately depend on the ability of the partnership to deliver on their commitments. As the regulator, the NUPRC must ensure that the licence is used to achieve the country's production and reserve growth targets. The agreement also underscores the government's commitment to data-driven exploration and transparency in the industry. With this project, Nigeria stands to gain significantly from the potential discoveries and revenue that may arise from the exploration of the Eastern Niger Delta.