The success of the various projects of the Middle Eastern Oil Firm – PetroSaudi International (PSI) in countries like Saudi Arabia, Venezuela and Indonesia has excited local companies in the upstream sub sector operating in the Oil and Gas Industry of Nigeria. If the company decides to invest in and replicate its projects for the Nigerian Oil and Gas industry, it could be a huge boost to the country that has vast untouched reserves of precious crude oil.

NAIPEC looking to partner with PSI

Member companies of the NAIPEC (Nigerian Association of Indigenous Petroleum Exploration Companies) are very eager and have already made inquiries, according to a source close to the association. This would help indigenous companies increase their oil production capabilities immensely.

NNPC also optimistic about partnership

The NNPC (Nigerian National Petroleum Corporation) is also very upbeat about collaborating with a company like PetroSaudi International (PSI) as it believes that a global company with such a high level of technical expertise and financial power will allow the nation to develop upstream projects that will help utilize its offshore oil and gas reserves. According to a senior official of NNPC, the exploration division is looking to increase exploration work in the Chad Basin, possibly with the help of PetroSaudi International (PSI) in a joint venture arrangement.

It has been revealed that PetroSaudi International is counting on the success of its projects in countries like Indonesia and Ghana to get enough leverage that it can use to create successful joint ventures and collaborations with indigenous Nigerian oil companies and the NNPC. The company has state of the art technology and cost effective methodologies that Nigerian companies and governmental agencies are eyeing.

PSI’s track record

PetroSaudi International has a long and successful track record. One of its most successful projects was the deployment of two oil rigs in Venezuela. These rigs were deployed as there was a need to augment the development of other large offshore reserves of gas in the Mariscal Sucre region. The company was also able to negotiate a successful purchase deal with the banks to ensure that work on the Neptune Discoverer drillship continued in Indonesia as per schedule by buying out the Discoverer drillship.