PRESS RELEASE

NNPC Ltd ,Schlumberger (SLB) Sign Agreement to Boost Upstream Operations …As Kyari Reiterates Company’s Resolve to Create Value for Nigeria

As part of strategic reforms aimed at unlocking opportunities in the nation’s oil and gas industry, the NNPC Energy Services Limited (EnServ) and Schlumberger (SLB), a renowned global technology company, have signed a technical partnership agreement towards bolstering upstream operations.

The agreement was signed at the NNPC Ltd's Corporate Headquarters in Abuja on Thursday, with senior management teams from both companies in attendance.

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

“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,” Kyari stated.

Highlighting the numerous benefits of the partnership, Kyari said it would lead to increased activity and more drilling campaigns that will add value to the two organisations.

He revealed that NNPC was working on a rig share platform with a definite plan around well drilling activities and associated operations in the coming years, which, he further explained, would increase crude oil production and support the ongoing plan to deepen gas utilization within the country.

Kyari, who expressed confidence in the long-standing relationship between NNPC Ltd and Schlumberger (SLB), said the NNPC would leverage on the assets within its control to accelerate the values that will come from this partnership.

“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, “ the GCEO noted.

Earlier in his remarks, the Chief Executive Officer of Schlumberger (SLB), Mr. Olivier Le Peuch said the agreement was poised to accelerate the achievement of Nigeria’s exploration and production targets, which will foster Nigeria’s economic growth and prosperity.

“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,” Le Peuch added.

He noted that as a company that has been on the shores of Nigeria for 70 years, Schlumberger (SLB) remains committed to investing in local talents and building capacity through technology and performance.

“We are pleased to be at the center 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,” he concluded.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja
23rd May, 2024

PHOTO CAPTIONS:

Managing Director, NNPC Energy Services Limited (EnServ), Sophia Mbakwe (5th from right) and Chief Executive Officer, Schlumberger, Mr. Olivier Le Peuch (4th from left) exchange documents shortly after the signing ceremony of a technical partnership agreement on bolstering upstream operations between the two companies, held at the NNPC Towers in Abuja, on Thursday.

Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari presents a souvenir to the Chief Executive Officer of Schlumberger, Mr. Olivier Le Peuch, during the signing ceremony of a technical partnership agreement on bolstering upstream operations between the NNPC Ltd and Schlumberger, held at the NNPC Towers in Abuja, on Thursday.