- Rig underway for drilling campaign
Sopuruchi Onwuka
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has converted Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, signaling approval for the operators of the oil block to proceed with field development and production projects.
The approval 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.
Commission’s Chief Executive (CCE), Engr. Gbenga Komolafe, on Friday hosted the Signing Ceremony of Petroleum Mining Lease (PML) 66 with Ingentia Energies and its shareholders in Abuja. The commission declared at the event that the conversion would send the signals about Nigeria’s readiness to support local and international petroleum investors.
This milestone not only signifies the successful transition of a key asset but also highlights the transformative potential of the.
In describing the event as a significant step in the implementation of the Petroleum Industry Act (PIA) 2021, Engr Komolafe said PML 66 represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Field Bid Round.
The holders of PPL 202 are Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited.
Engr. Komolafe remarked, ” This development clearly demonstrates the value of the bid round and the resilience of our upstream sector.”
“The conversion of PPL 202 to PML 66 further reflects the hard work and determination of the licensees, as well as the guidance provided by this commission as a business enabler. More importantly, it sends a strong signal to both domestic and international investors that Nigeria remains a top destination for oil and gas investments, supported by regulatory clarity, commercial viability, and operational excellence.”
The NUPRC boss commended partners in PPL 202on their diligence, professionalism, and dedication in fulfilling their work programs and obligations under their license, which paved the way for this conversion.
Engr. Komolafe stressed that PML 66 is not merely another lease but rather marks the beginning of a new chapter in Nigeria’s oil and gas landscape.
“This underscores the transformative potential of the reforms we have put in place and the shared vision for a more efficient, competitive, and sustainable upstream petroleum industry,” he stated, urging other awardees to work towards similar feat.
“I also urge them to maintain this positive momentum and ensure that the benefits of this development extend beyond corporate boardrooms to the Nigerian people, in the form of jobs, capacity building, technology transfer, and enhanced revenues for shared prosperity,” he added.
The Managing Director of Ingentia Energies, Mrs. Olajumoke Ajayi, expressed gratitude to the commission unwavering support and guidance throughout the journey. She described the conversion as a significant achievement for Ingentia as an indigenous firm.
“With this development, the company is now focused on delivering sustainable growth and long-term value,” she said.
She added, “Once again, the CCE, we assure you that this job will be done. As we speak, our rig is on its way. We have two wells to drill back-to-back, and we have about three plans for next year. A well is producing between 2,000 to 2,500 barrels per day. The other wells we are bringing online should contribute another 2,000 to 2,500 barrels, and by the end of the first quarter next year, we expect to increase our production by 7,500 barrels.”
The team expressed appreciation for President Bola Tinubu’s leadership in opening the country’s oil and gas sector to further opportunities. Ingentia Energies further pledged to support the Commission’s efforts to raise oil production by an additional 1 million barrels per day, a project launched in 2024.