Upstream Regulator Oversees Conversion Of Prospecting To Mining Licence 66

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully overseen the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, an accomplishment that reinforces Nigeria’s lasting arsenic a premier destination for some section and planetary lipid and state investors.

This milestone signifies the palmy modulation of a cardinal plus and highlights the transformative imaginable of the Petroleum Industry Act (PIA) 2021.

The Commission’s main enforcement (CCE), Engr. Gbenga Komolafe made these remarks connected Friday astatine the Signing Ceremony of Petroleum Mining Lease (PML) 66 betwixt lngentia Energies and its shareholders successful Abuja.

Describing the lawsuit arsenic a important measurement successful implementing the PIA, the CCE explained that the signing of 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 milestone accomplishment follows the palmy commercialized find of hydrocarbons successful the tract and the consequent conversion of the plus successful accordance with Section 81(1) of the Petroleum Industry Act. This improvement intelligibly demonstrates the bid round’s worth and our upstream sector’s resilience.”

“The conversion of PPL 202 to PML 66 further reflects the hard enactment and determination of the licensees, arsenic good arsenic the guidance provided by this Commission arsenic a concern enabler. More importantly, it signals home and planetary investors that Nigeria remains a apical destination for lipid and state investments, supported by regulatory clarity, commercialized viability, and operational excellence.”

The NUPRC brag commended the holders of PPL 202, 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 successful fulfilling their enactment programs and obligations nether their license, which paved the mode for this conversion.

Komolafe stressed that PML 66 is not simply different lease but alternatively marks the opening of a caller section successful Nigeria’s lipid and state landscape.

He emphasised, “This underscores the transformative imaginable of the reforms we person implemented and the shared imaginativeness for a much efficient, competitive, and sustainable upstream petroleum industry.”

The CCE besides urged different awardees to emulate the exemplary standards demonstrated by the holders of PML 66.

“I besides impulse them to support this affirmative momentum and guarantee that the benefits of this improvement widen beyond firm boardrooms to the Nigerian people, successful the signifier of jobs, capableness building, exertion transfer, and enhanced revenues for shared prosperity,” helium added.

The managing manager of Ingentia Energies, Olajumoke Ajayi, expressed her gratitude to the Commission’s absorption for their unwavering enactment and guidance passim the journey.

She described the signing arsenic a important accomplishment for Ingentia, 1 that the institution is arrogant of, noting that it marks a caller section successful some the past of Nigeria and Ingentia arsenic an indigenous firm.

“This important accomplishment marks a caller section successful the company’s maturation communicative and solidifies Ingentia Energies’ presumption arsenic a rising unit successful Nigeria’s lipid and state sector. The company’s enactment acknowledged the important relation played by some shareholders and unit successful reaching this milestone.”

“Ingentia Energies Limited is present poised to instrumentality its lipid and state operations to the adjacent level, having successfully converted its Petroleum Prospecting Licence (PPL) to a Petroleum Mining Lease (PML). With this development, the institution is present focused connected delivering sustainable maturation and semipermanent value.”

She added, “Once again, the CCE, we guarantee you that this occupation volition beryllium done. As we speak, our rig is connected its way. We person 2 wells to drill back-to-back, and we person astir 3 plans for adjacent year. A good is producing betwixt 2,000 to 2,500 barrels per day. The different wells we are bringing online should lend different 2,000 to 2,500 barrels, and by the extremity of the archetypal 4th adjacent year, we expect to summation our accumulation by 7,500 barrels.”

The squad expressed appreciation for President Bola Tinubu’s enactment successful opening the country’s lipid and state assemblage to further opportunities. Ingentia Energies further pledged to enactment the Commission’s efforts to rise lipid accumulation by an further 1 cardinal barrels per day, a task launched successful 2024.