The National Petroleum Investment Management Services (NAPIMS), has assured that it would take advantage of the Petroleum Industry Act and the re-negotiated Production Sharing Contract Agreement with oil majors in the country to grow oil and gas reserves, production and profitability to all the stakeholders.
The Group General Manager, NAPIMS, Mr. Bala Wunti, said this during a visit to the Erha Floating Production Storage and Offloading facility.
The Erha is located in Oil Mining Lease 133 and operated by NAPIMS Contractor ESSO.
It has a storage capacity of 2.2 million barrels of oil, an initial production capacity of 165,000 barrels of oil per day and accommodates up to 100 personnel.
A catenary anchor-leg-mooring buoy is used for crude-carrier docking and product transfer
The vessel hull, which was constructed in Korea, measures 285 meters in length, 63 meters in width and 33 meters in depth.
During the visit, Wunti commended members of staff of ESSO for their commitment, dedication and safety records.
He interacted with the workers and assured them that their welfare remains the top priority of NAPIMS.
He said, “In line with NNPC Ltd’s drive for collaboration, to create, capture and deliver value, driven by our Group Chief Executive Officer, Mallam Mele Kyari, I visited Erha FPSO located by in OML 133 and operated by our Contractor ESSO with my other colleagues yesterday.
“During the visit, we commended ESSO for their commitment, dedication and safety records, interacted with the staff to address their pain points and assured them that staff welfare remains our top priority.
“We also reassured the company of our commitment to collaborate and take advantage of the PIA and the re-negotiated PSC to grow reserve, production and profitability to all the stakeholders.”
The Nigerian National Petroleum Company Ltd had on August 12 sealed five strategic agreements with oil about eight Oil Majors in the country that would unlock huge investments in the oil and gas sector in the country.
The agreements are the Production Sharing Agreement, Dispute Settlement Agreements, Settlement Repayment Agreement, Escrow Agreement.
Some of the Companies are Total Energy, Chevron, Shell, Esso Exploration, Synopec, Equino, Sapetro, Sinoc
The deal which covers five Oil Mining Licences (OMLs 128, 130,132, 133, and 138) is expected to unlock over $500bn revenue for the country in the oil and gas sector and ensure energy security for Nigeria.
