Nigeria, Argentina to partner in gas exploration, production
Source：媒體
From：Taiwan Trade Centre, Lagos
Update Time：2023/12/19
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is actively seeking to strengthen Nigeria's position in the global energy market by exploring a partnership with Argentina in natural gas exploration and production. This strategic move, announced via the commission's official Twitter account on November 22, signifies a pivotal moment in Nigeria's energy sector.
Argentina, known for its robust experience in the gas sector, has shown a keen interest in collaborating with Nigeria. This was highlighted during the courtesy visit of Alejandro Herrero, the Argentinian Ambassador to Nigeria, to the NUPRC headquarters. Herrero's visit underscores Argentina's commitment to exploring opportunities for collaboration in the Nigerian gas sector. He expressed Argentina's eagerness to leverage its expertise and resources to contribute to Nigeria’s gas exploration and production efforts, a move that could significantly benefit both countries.
In response to this gesture, Gbenga Komolafe, Chief Executive of the regulatory commission, reaffirmed the commission’s commitment to creating an investment-friendly environment in Nigeria’s oil and gas industry. Komolafe's statement reflects the NUPRC's dedication to fostering international partnerships that can enhance the country's energy sector.
A key aspect of this partnership is the shift in Nigeria's petroleum fiscal system towards production-sharing contracts (PSC). This new model is expected to streamline the exploration and production of oil and gas resources, making it more attractive for international investors and partners like Argentina. The PSC model is designed to ensure a more equitable sharing of risks and rewards between the Nigerian government and its international partners, thereby enhancing the viability and sustainability of these ventures.
Furthermore, Komolafe announced that the commission would soon commence the auction of uncommitted Gas fields in Nigeria. This auction represents a significant opportunity for potential investors and partners to tap into Nigeria's vast gas reserves. The move is expected to attract substantial foreign investment, boost the country's gas production, and contribute to the diversification of its energy portfolio.
The proposed partnership between Nigeria and Argentina in natural gas exploration and production is a strategic step towards enhancing Nigeria's energy security and positioning it as a key player in the global energy market. This collaboration not only promises to bring technical expertise and investment but also stands as a testament to Nigeria's growing influence and potential in the international energy landscape.
Source: https://businessday.ng/news/article/nigeria-argentina-to-partner-in-gas-exploration-production/