NNPCL Gets ₦318bn for Oil Exploration as FG Pushes Frontier Basin Development

The Nigerian National Petroleum Company Limited (NNPCL) has received about three hundred and eighteen billion naira between January and August two thousand and twenty-five for frontier oil exploration.

This is according to documents from the September two thousand and twenty-five Federation Account Allocation Committee meeting.

The deductions represent thirty percent of Production Sharing Contract profits, which are automatically set aside each month for exploration in inland basins.

Regulations also require the Nigerian Upstream Petroleum Regulatory Commission to manage the fund through an escrow account and issue an annual Frontier Basin Exploration and Development Plan.