Schlumberger’s partnership with Nigeria’s Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPC Limited aims to develop frontier basins and enhance oil production. TheMediaGood Newspaper can report that the collaboration seeks to address Nigeria’s need for advanced technology, expertise, and funding to meet production targets.
NNPC is working on a Rig share/ drilling partnership initiative where investors bring in their capital, expertise and technology to drill new wells and operationalize new rigs while payment is made by giving a certain quota of oil and gas production to the investor through out the life span of the well or as agreed in the contract.
It would be recalled that the agreement between NNPC and Schlumberger was signed yesterday at the NNPC Corporate HQ, Abuja.