NNPCL’s EnServ, Schlumberger Seal Investment Pact On Upstream E&P

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The NNPCL Energy Services Limited (EnServ), and Schlumberger(SLB) a global technology company, have signed a technical partnership agreement towards bolstering upstream operations in Nigeria as part of strategic investment initiatives aimed at unlocking opportunities in the nation’s oil and gas industry

The agreement was signed at the NNPC Limited’s headquarters in Abuja on Thursday, with senior management teams from both companies in attendance.

In his remarks shortly after the signing of the pact, Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, described the ongoing reforms within the industry as a means for potential release of investments in the short term.

He said: “Quite a number of reforms are unfolding, and at the back of it is a potential release of investment that we are seeing in a very short term. Our physical environment is excellent today; contracting processes have been reviewed by virtue of the clear reforms Mr. President has put in place; and ultimately, we are already seeing substantial energy going into unlocking opportunities of today.”

Speaking on the benefits of the partnership, Kyari said it would lead to increased activity and more drilling campaigns that will add value to the two companies’ productivity and earnings.

According to him, NNPCL is also working on a rig share platform with a definite plan around well drilling activities and associated operations in the coming years with potential to increase crude oil production and support the ongoing plan to deepen gas utilization within the country.

Kyari, who expressed optimism in the long-standing relationship between NNPCL and Schlumberger, said the former would leverage on the assets within its control to accelerate the values that will come from this partnership.

He clarified: “We are counting on Schlumberger (SLB) as our partners of 70 years. We are in business; we see the opportunities and strategic need to work with you and ultimately, we will create value for our country.”

Earlier in his remarks, the Chief Executive Officer of Schlumberger, Mr. Olivier Le Peuch, said the agreement would accelerate the achievement of Nigeria’s exploration and production targets and by implication, impact on Nigeria’s economic growth.

He explained: “We are here to celebrate the strategic partnership that we signed with EnServ as a technical partner. This agreement is geared towards unlocking the capacities of EnServ for Nigeria, which potentially will help NNPC Ltd to achieve its exploration and production targets. We look forward to using this technical partnership as a springboard to accelerate the vision that the industry needs.”

The industry expert noted that as a company that has been on the shores of Nigeria for 70 years, Schlumberger remained committed to investing in local talents and building capacity through technology and performance.

Le Peuch enthused: “We are pleased to be at the centre of this transition and are in a position where we can bring our technical capability, technology, and capacity to the country so as to support the operations of NNPC Ltd.”

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