The Nigerian Upstream Petroleum Regulatory Commission has successfully overseen the conversion of Petroleum Prospecting Licence 202 to Petroleum Mining Lease 66.
The development underscores Nigeria’s position as a prime destination for local and international oil and gas investment while marking the successful transition of a key asset under the Petroleum Industry Act 2021.
Commission Chief Executive, Gbenga Komolafe, speaking at the signing ceremony between Ingentia Energies and its shareholders in Abuja, described the event as a landmark in the implementation of the Petroleum Industry Act, noting that it represents the first 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.
Komolafe stated: “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. This development clearly demonstrates the value of the bid round and the resilience of our upstream sector.” He added that the conversion reflects the hard work and determination of the licensees, as well as the Commission’s role as a business enabler. According to him, “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.”
He commended the diligence and professionalism of the PPL 202 holders in fulfilling their obligations, stressing that PML 66 marks not just another lease but a new chapter in Nigeria’s oil and gas industry. “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,” Komolafe said, urging other awardees to emulate the standards demonstrated. He also emphasized the importance of ensuring that benefits extend beyond corporate circles to Nigerians through jobs, capacity building, technology transfer, and enhanced revenues.
Managing Director of Ingentia Energies, Olajumoke Ajayi, expressed gratitude to the Commission’s management for their support, describing the signing as a major achievement for both the company and the country. She noted that the milestone solidifies Ingentia’s role as a rising indigenous force in the oil and gas sector. “This significant achievement marks a new chapter in the company’s growth story and solidifies Ingentia Energies’ position as a rising force in Nigeria’s oil and gas sector. The company’s leadership acknowledged the crucial role played by both shareholders and staff in reaching this milestone,” she said.
Ajayi disclosed that Ingentia Energies is ready to advance its operations, with plans already in motion. “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,” she said.
The team expressed appreciation for President Bola Tinubu’s leadership in creating opportunities within the oil and gas sector and pledged to support the Commission’s drive to raise national oil production by an additional one million barrels per day, a project launched in 2024.
