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

In a significant move to revitalize Nigeria’s oil and gas industry, NNPC Energy Services Limited (EnServ) and global technology company Schlumberger (SLB) have entered a technical partnership agreement to enhance upstream operations. The agreement was signed on Thursday at the NNPC Ltd’s Corporate Headquarters in Abuja, with senior management teams from both companies present.

Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, highlighted the importance of ongoing reforms in the industry, stating that they would unlock substantial 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,” Kyari said. “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 outlined the benefits of the partnership, emphasizing increased activity and more drilling campaigns that would add value to both organizations. He revealed that NNPC was developing a rig share platform with a detailed plan for well drilling activities and associated operations in the coming years. This initiative aims to boost crude oil production and support efforts to enhance gas utilization within the country.

Expressing confidence in the long-standing relationship between NNPC Ltd and Schlumberger (SLB), Kyari said, “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.”

Schlumberger’s CEO, Mr. Olivier Le Peuch, echoed Kyari’s sentiments, emphasizing the agreement’s potential to accelerate Nigeria’s exploration and production targets, thereby fostering economic growth. “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,” Le Peuch said. “We look forward to using this technical partnership as a springboard to accelerate the vision that the industry needs.”

Le Peuch also reiterated Schlumberger’s commitment to investing in local talent 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.