The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) on Friday introduced the profitable conversion of Ingentia Energies’ Petroleum Prospecting Licence (PPL 202) right into a Petroleum Mining Lease (PML 66).
Talking on the signing ceremony between Ingentia Energies and its shareholders held in Abuja on Friday, the NUPRC Chief Government, Gbenga Komolafe, described the event as ‘historic’, including that PML 66 stands because the very first PML to be transformed from a PPL arising from the 2020 marginal area bid spherical.
He mentioned this milestone achievement follows the profitable industrial discovery of hydrocarbons within the area and the following conversion of the asset in accordance with Part 81(1) of the Petroleum Business Act (PIA).
In accordance with him, this improvement clearly demonstrates the worth of the bid spherical and the resilience of the upstream sector.
“This achievement additional reaffirms our unwavering dedication to implementing the provisions of the PIA with transparency, consistency, and effectivity.
“It’s also a testomony to the effectiveness of our licensing framework, which was designed not solely to allocate property, however to drive funding, improve worth creation, enhance Nigeria’s hydrocarbon manufacturing and promote the sustainable improvement of our petroleum assets,” he added.
Mr Komolafe famous that the conversion of PPL 202 to PML 66 additional displays the onerous work and dedication of the licensees, and the steerage supplied by the fee as a enterprise enabler.
“Extra importantly, it sends a robust sign to each home and worldwide buyers that Nigeria stays a vacation spot of selection for oil and fuel investments, anchored on regulatory readability, industrial viability, and operational excellence.”
Mr Komolafe counseled the holders of PPL 202, specifically Suntrust Oil Firm Nigeria Restricted, Petrogas Power 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 program and obligations underneath their license which made the conversion attainable.
He confused that PML 66 isn’t just one other lease however represents the start of a brand new chapter in Nigeria’s oil and fuel panorama, one which underscores the transformative potential of the reforms that the fee have put in place, and the shared imaginative and prescient of a extra environment friendly, aggressive, and sustainable upstream petroleum business.
He 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 make sure that the advantages of this improvement lengthen past the company boardrooms to the Nigerian individuals, within the type of jobs, capability constructing, know-how switch, and enhanced revenues for shared prosperity,” he mentioned.
In her remarks, the Managing Director and Chief Government Officer of Ingentia Energies Restricted, Olajumoke Ajayi mentioned this achievement is a testomony to the onerous work, dedication, and resilience of the Ingentia Energies crew.
She mentioned the conversion to PML displays the corporate’s dedication to unlocking the complete potential of its property and underscores its place as a key participant within the vitality sector.
“As a pioneer within the business, Ingentia Energies Restricted continues to push boundaries and obtain excellence in its operations. This newest improvement is predicted to have a optimistic impression on the corporate’s development and contribution to the vitality panorama.
“Notably, within the final one yr, our oil manufacturing has added about 900,000 barrels to the a million barrels initiative, launched in October 2024, aimed toward boosting the nation’s crude oil manufacturing.
“Ingentia Energies Restricted is poised to take its oil and fuel operations to the following stage, having efficiently transformed its PPL to PML. With this improvement, the corporate is now centered on delivering sustainable development and long-term worth,” she mentioned.
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Ingentia Energies Restricted is a particular function car (SPV), included in 2022, by the licensees of PPL 202 (Egbolom area).
The Egbolom area, previously located in OML 23, was found in 1982. It’s an onshore (swamp) marginal area positioned within the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Area.
