The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday announced the successful conversion of Ingentia Energies’ Petroleum Prospecting Licence (PPL 202) into a Petroleum Mining Lease (PML 66).
Speaking at the signing ceremony between Ingentia Energies and its shareholders held in Abuja on Friday, the NUPRC Chief Executive, Gbenga Komolafe, described the development as ‘historic’, adding that PML 66 stands as the very first PML to be converted from a PPL arising from the 2020 marginal field bid round.
|
|
He said this milestone achievement follows the successful commercial discovery of hydrocarbons in the field and the subsequent conversion of the asset in accordance with Section 81(1) of the Petroleum Industry Act (PIA).
According to him, this development clearly demonstrates the value of the bid round and the resilience of the upstream sector.
|
|
|
|---|
“This achievement further reaffirms our unwavering commitment to implementing the provisions of the PIA with transparency, consistency, and efficiency.
“It is also a testament to the effectiveness of our licensing framework, which was designed not only to allocate assets, but to drive investment, enhance value creation, increase Nigeria’s hydrocarbon production and promote the sustainable development of our petroleum resources,” he added.
Mr Komolafe noted that the conversion of PPL 202 to PML 66 further reflects the hard work and determination of the licensees, and the guidance provided by the commission as a business enabler.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
“More importantly, it sends a strong signal to both domestic and international investors that Nigeria remains a destination of choice for oil and gas investments, anchored on regulatory clarity, commercial viability, and operational excellence.”
Mr Komolafe commended the holders of PPL 202, namely Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited, for their diligence, professionalism and dedication in fulfilling their work program and obligations under their license which made the conversion possible.
He stressed that PML 66 is not just another lease but represents the beginning of a new chapter in Nigeria’s oil and gas landscape, one that underscores the transformative potential of the reforms that the commission have put in place, and the shared vision of a more efficient, competitive, and sustainable upstream petroleum industry.
He urged other awardees to emulate the exemplary standards demonstrated by the holders of PML 66.
“I also urge them to maintain this positive momentum and ensure that the benefits of this development extend beyond the corporate boardrooms to the Nigerian people, in the form of jobs, capacity building, technology transfer, and enhanced revenues for shared prosperity,” he said.
In her remarks, the Managing Director and Chief Executive Officer of Ingentia Energies Limited, Olajumoke Ajayi said this achievement is a testament to the hard work, dedication, and resilience of the Ingentia Energies team.
She said the conversion to PML reflects the company’s commitment to unlocking the full potential of its assets and underscores its position as a key player in the energy sector.
“As a pioneer in the industry, Ingentia Energies Limited continues to push boundaries and achieve excellence in its operations. This latest development is expected to have a positive impact on the company’s growth and contribution to the energy landscape.
“Notably, in the last one year, our oil production has added about 900,000 barrels to the one million barrels initiative, launched in October 2024, aimed at boosting the nation’s crude oil production.
“Ingentia Energies Limited is poised to take its oil and gas operations to the next level, having successfully converted its PPL to PML. With this development, the company is now focused on delivering sustainable growth and long-term value,” she said.
READ ALSO: NUPRC secures over $400 million for decommissioning liabilities Official
Ingentia Energies Limited is a special purpose vehicle (SPV), incorporated in 2022, by the licensees of PPL 202 (Egbolom field).
The Egbolom field, formerly situated in OML 23, was discovered in 1982. It is an onshore (swamp) marginal field located in the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Field.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
