NNPC and Chevron finalize agreement to convert oil leases under PIA 2021, targeting 165,000 bpd by 2024.

The Nigerian National Petroleum Company (NNPC) and Chevron Nigeria Ltd have finalized an agreement to convert five oil mining leases into four petroleum prospecting licenses and 26 petroleum mining leases under the Petroleum Industry Act (PIA) of 2021. This shift aims to enhance investor conditions, boost domestic gas supply, and target a crude oil production goal of 165,000 barrels per day by the end of 2024.

September 09, 2024
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