The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a possible gas exploration and production partnership with Argentina.
The announcement was made via the Commission’s official X (formerly Twitter) handle on Wednesday.
According to the statement, NUPRC’s partnership with Argentina on gas exploration and production is coming after the latter expressed interest in doing business with the country.
“The commission has yet again recorded another feat by attracting more investments into the nation’s Oil and Gas Sector.
“This is coming at a point where the Argentinian Ambassador to Nigeria, Mr. Alejandro Herrero, declares his country’s willingness to key into the exploration and production of gas in Nigeria,” the commission wrote.
The Ambassador said his country is all out to explore partnerships and investments in Nigeria’s gas fields.
In his response, the Commission’s Chief Executive, Engr. Gbenga Komolafe, emphasized the commission’s commitment to fortifying Nigeria’s oil and gas sector.
He also informed the Argentinian Ambassador about the Commission’s robust regulations and policies, adding that the measures are designed to facilitate smoother business operations in alignment with global standards.
Komolafe also said that Nigeria’s petroleum fiscal systems now favour production-sharing contracts (PSC) as a fresh model for agreements concerning oil and gas resource exploration and production.
He disclosed the commission’s plan to initiate the auction of uncommitted gas fields in Nigeria within the next few weeks.