The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has efficiently overseen the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, an achievement that reinforces Nigeria’s standing as a major vacation spot for each native and worldwide oil and gasoline traders.
This milestone signifies the profitable transition of a key asset and highlights the transformative potential of the Petroleum Business Act (PIA) 2021.
The Fee’s chief govt (CCE), Engr. Gbenga Komolafe made these remarks on Friday on the Signing Ceremony of Petroleum Mining Lease (PML) 66 between lngentia Energies and its shareholders in Abuja.
Describing the occasion as a major step in implementing the PIA, the CCE defined that the signing of PML 66 represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Discipline Bid Spherical.
The holders of PPL 202 are Suntrust Oil Firm Nigeria Restricted, Petrogas Vitality Commerce W.A Ltd, Somora GTP Restricted, Moore Oil Exploration & Manufacturing Nig Ltd, and Genesis Hydrocarbons Restricted.
Engr. Komolafe remarked, “This milestone achievement follows the profitable industrial discovery of hydrocarbons within the subject and the following conversion of the asset in accordance with Part 81(1) of the Petroleum Business Act. This improvement clearly demonstrates the bid spherical’s worth and our upstream sector’s resilience.”
“The conversion of PPL 202 to PML 66 additional displays the exhausting work and dedication of the licensees, in addition to the steerage offered by this Fee as a enterprise enabler. Extra importantly, it alerts home and worldwide traders that Nigeria stays a prime vacation spot for oil and gasoline investments, supported by regulatory readability, industrial viability, and operational excellence.”
The NUPRC boss counseled the holders of PPL 202, Suntrust Oil Firm Nigeria Restricted, Petrogas Vitality Commerce W.A Ltd, Somora GTP Restricted, Moore Oil Exploration & Manufacturing Nig Ltd, and Genesis Hydrocarbons Restricted, for his or her diligence, professionalism, and dedication in fulfilling their work packages and obligations underneath their license, which paved the way in which for this conversion.
Komolafe careworn that PML 66 isn’t merely one other lease however reasonably marks the start of a brand new chapter in Nigeria’s oil and gasoline panorama.
He emphasised, “This underscores the transformative potential of the reforms we have now carried out and the shared imaginative and prescient for a extra environment friendly, aggressive, and sustainable upstream petroleum business.”
The CCE additionally urged different awardees to emulate the exemplary requirements demonstrated by the holders of PML 66.
“I additionally urge them to take care of this optimistic momentum and be certain that the advantages of this improvement lengthen past company boardrooms to the Nigerian individuals, within the type of jobs, capability constructing, know-how switch, and enhanced revenues for shared prosperity,” he added.
The managing director of Ingentia Energies, Olajumoke Ajayi, expressed her gratitude to the Fee’s administration for his or her unwavering assist and steerage all through the journey.
She described the signing as a major achievement for Ingentia, one which the corporate is happy with, noting that it marks a brand new chapter in each the historical past of Nigeria and Ingentia as an indigenous agency.
“This important achievement marks a brand new chapter within the firm’s progress story and solidifies Ingentia Energies’ place as a rising power in Nigeria’s oil and gasoline sector. The corporate’s management acknowledged the essential function performed by each shareholders and workers in reaching this milestone.”
“Ingentia Energies Restricted is now poised to take its oil and gasoline operations to the subsequent stage, having efficiently transformed its Petroleum Prospecting Licence (PPL) to a Petroleum Mining Lease (PML). With this improvement, the corporate is now centered on delivering sustainable progress and long-term worth.”
She added, “As soon as once more, the CCE, we guarantee you that this job can be carried out. As we converse, our rig is on its method. We now have two wells to drill back-to-back, and we have now about three plans for subsequent 12 months. A effectively is producing between 2,000 to 2,500 barrels per day. The opposite wells we’re bringing on-line ought to contribute one other 2,000 to 2,500 barrels, and by the tip of the primary quarter subsequent 12 months, we count on to extend our manufacturing by 7,500 barrels.”
The staff expressed appreciation for President Bola Tinubu’s management in opening the nation’s oil and gasoline sector to additional alternatives. Ingentia Energies additional pledged to assist the Fee’s efforts to lift oil manufacturing by an extra 1 million barrels per day, a mission launched in 2024.
