By Emmanuella Anokam
Abuja, Sept. 9, 2024 (NAN) – The Nigerian National Petroleum Company Limited (NNPC Ltd.) and Chevron Nigeria Ltd. (CNL) have successfully converted five joint venture assets into Petroleum Industry Act (PIA) terms, aligning with the 2021 legislation that replaces the Petroleum Profit Tax (PPT) regime.
The conversion, which involves transitioning five Oil Mining Leases (OMLs) into four Petroleum Prospecting Licenses (PPLs) and 26 Petroleum Mining Leases (PMLs), marks a significant move towards boosting domestic gas supply and expanding global market operations.
Group CEO of NNPC Ltd., Mr. Mele Kyari, praised Chevron as a dependable partner, highlighting their joint efforts to reach a production target of 165,000 barrels of oil per day (bopd) by year-end 2024. The conversion is expected to significantly enhance crude production and foster value creation in both domestic and export gas markets.
NNPC Ltd. also commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for facilitating the asset conversion process.
