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NNPC and Schlumberger sign deal to boost Nigerian oil production

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In a move aimed at revitalizing Nigeria’s oil and gas sector, NNPC Energy Services Limited (EnServ) and global energy giant Schlumberger (SLB) signed a strategic technical partnership agreement on Thursday.

The deal is expected to unlock new opportunities and bolster upstream operations within the country.

The signing ceremony, held at NNPC Ltd.’s headquarters in Abuja, brought together high-level executives from both companies. NNPC’s Group CEO, Mele Kyari, hailed the agreement as a catalyst for unlocking investments in the near future.

“This partnership signifies a culmination of ongoing industry reforms, paving the way for a significant influx of investments,” Kyari remarked.

He emphasized the streamlined contracting processes implemented under recent reforms as a key driver of investor confidence.

Highlighting the potential benefits of the partnership, Kyari pointed to increased drilling activity and campaigns that would create value for both NNPC and Schlumberger.

He unveiled plans for a rig-sharing platform to optimize well drilling activities in the coming years, with the ultimate goal of boosting crude oil production and gas utilization within Nigeria.

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Expressing optimism about the long-standing relationship between the two companies, Kyari emphasized NNPC’s commitment to leveraging its assets to maximize the value derived from this partnership.

“Schlumberger has been a trusted partner for over 70 years,” Kyari stated. “We recognize the strategic importance of this collaboration and its potential to deliver significant value for our nation.”

Earlier, Schlumberger CEO Olivier Le Peuch underscored the agreement’s potential to accelerate Nigeria’s exploration and production targets, thereby contributing to the country’s economic growth.

“This technical partnership is designed to empower EnServ and equip NNPC to achieve its ambitious exploration and production goals,” Le Peuch said. “We view this collaboration as a springboard to propel the Nigerian oil and gas industry forward.”

Le Peuch reaffirmed Schlumberger’s unwavering commitment to Nigeria, highlighting the company’s 70-year presence in the country.

He emphasized Schlumberger’s dedication to investing in local talent and fostering capacity development through technology and knowledge transfer.

“We are honored to be a part of this transformation journey,” Le Peuch concluded. “Schlumberger is fully prepared to leverage our expertise and technology to support the operational excellence of NNPC Ltd.”

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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