Nigerian Government Revives Activity At Zabazaba Oil Field
This was revealed over the weekend when Nigeria Agip Oil Company Limited (NAOC) executives, led by Managing Director Mr. Fabrizio Bolondi, visited Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC),
The purpose was to resume discussions on Nigeria’s deepwater oil block OPL 245, specifically the Zabazaba Field, in line with the Federal Government’s initiative to develop the oil-rich field for the benefit of Nigerians.
NUPRC revealed that steps are being taken to address all legal matters related to the Zabazaba oil field.
The aim is to facilitate the resolution of these issues and move forward with the conversion process, converting the oil prospecting license into a mining lease for commercial oil development and production.
The anticipated outcome is the Zabazaba field will contribute 150,000 barrels of oil per day, significantly enhancing Nigeria’s overall oil production.
Note that in a September 2023 statement sent to Nairametrics, the Federal Government indicated that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) concluded a series of strategic engagements with fifteen (15) leading international and independent Oil and Gas Companies operating in Nigeria. NAOC is one of these leading companies.
The FG also noted that the talks with these investors led to significant investment opportunities with an estimated $55.2 billion in investments projected by 2030, of which $13.5 billion is expected to be invested by these companies within a couple of months.
During these consultations, participating operators shared insights into the challenges and barriers affecting their investment strategies and the swift rollout of planned projects.
Collectively, they also pinpointed the key enablers required that will ensure the delivery of 2.1 million barrels by December 2024, positioning Nigeria well ahead of President Tinubu’s campaign promise of 2.6 million barrels by 2027.
