NNPCL Receives ₦318bn for Frontier Oil Exploration - PIA Mandate Revealed
The Nigerian National Petroleum Company Limited (NNPCL) received a total of ₦318 billion between January and August 2025 for frontier oil exploration, despite concerns over dwindling oil revenue and budget shortfalls. Documents from a September Federation Account Allocation Committee (FAAC) meeting revealed that 30% of Production Sharing Contract (PSC) profits were automatically set aside each month for the Frontier Exploration Fund, as mandated by the Petroleum Industry Act (PIA) 2021.
The funds are channeled towards oil exploration across various basins, including Anambra, Bida, Dahomey, Sokoto, Chad, and Benue. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unveiled a Frontier Basin Exploration Development Plan in July 2025 to guide exploration activities in inland basins.
Plus234Feed summary based on reporting from News Online Nigeria. Read the original report below.
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