.From Nnamani Adanna According to the Petroleum Industry Act (PIA) 2021 provisions of transiting properties from the Petroleum Revenue Tax (PPT) in to PIA terms, the NNPC Ltd and also its own Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have ended the conversion of 5 of its own JV resources in to the PIA phrases. Under the brand-new PIA regimen, all existing Oil Prospecting Licences (OPLs) as well as Oil Exploration Leases (OMLs) would be actually immediately transformed to Petrol Prospecting Licences (PPLs) and Petroleum Mining Leases (PMLs) upon their expiration. Nevertheless, a possibility of volunteer sale is actually attended to holders of OPLs as well as OMLs (operators, licensees, or even leaseholders) under the erstwhile Petroleum Revenue Tax obligation (PPT) regimen. The PIA phrases are typically recognized as additional investor-friendly, compared to the onetime PPTA phrases. A declaration due to the company disclosed that the two companions authorized documents on the sale of five (5) OMLs in to four (4) PPLs and also twenty-six (26) PMLs, in line with the brand-new PIA conditions, denoting a considerable measure towards improving domestic fuel supply and also broadening worldwide market presence. The claim quoted the Group chief executive officer NNPC Ltd, Mr. Mele Kyari, defining CNL as one of the best trustworthy partners for the NNPC Ltd. "Throughout the years, Chevron has been actually a partner of option that has actually not considered completely divesting/exiting (oil development in) the shallow water and also we boast of them," he added. Kyari assured CNL that NNPC Ltd would preserve its relationship with the JV companion thus as to create even more market value for each celebrations as well as broaden Nigeria's footprints in the domestic as well as export gas markets. He acclaimed the Nigerian Upstream Oil Regulatory Commission (NUPRC) for its admirable part in midwifing the transformation. The Director, Deepwater and Production Sharing Arrangement (PSC) of CNL, Mrs. Michelle Pflueger that worried the implication of the transformation for each companies, verified CNL's long-lived commitment to the properties. NNPC Ltd's Exec Bad habit President, Upstream, Mrs. Oritsemeyiwa Eyesan, highlighted the benefits of the PIA phrases over the previous PPT phrases, noting that the transformation was a calculated move in the direction of the effective implementation of the PIA. Additionally, NNPC Ltd's Chief Upstream Expenditure Policeman, Mr. Bala Wunti, kept in mind that the assets transformation is actually anticipated to significantly improve petroleum creation, with the two companions paying attention to attaining the 165,000 barrels of oil daily (bopd) creation target through year-end 2024. He emphasised the carried on usefulness of CNL's working viewpoint in sustaining system security and also promoting gasoline source, especially to the residential market.