AGS NEWS – The Nigerian National Petroleum Company Limited (NNPC) and its joint venture partner, Chevron Nigeria Ltd., have completed the conversion of five joint venture assets, aligning with the Petroleum Industry Act (PIA) of 2021.

NNPC’s Chief Upstream Investment Officer, Bala Wunti, stated that this move is set to boost crude oil production, with a target of 165,000 barrels per day by the end of 2024.

He also highlighted Chevron’s role in ensuring gas supply stability for the domestic market.

This transition shifts the companies from the Petroleum Profit Tax regime to the more investor-friendly PIA framework.

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During a ceremony at NNPC Towers, both parties signed documents converting five Oil Mining Leases into four Petroleum Prospecting Licenses and 26 Petroleum Mining Leases.

NNPC’s CEO, Mele Kyari, praised Chevron’s long-standing partnership, while Chevron’s Director of Deepwater, Mrs. Michelle Pflueger, affirmed the significance of the conversion for both companies.

NNPC Vice President of Upstream, Oritsemeyiwa Eyesan, emphasized the strategic benefits of the PIA conversion.

The Nigerian Upstream Petroleum Regulatory Commission was also acknowledged for facilitating the process.