The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) marked a historic milestone with the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, the first such transition from the 2020 Marginal Field Bid Round.
The signing ceremony, held in Abuja, underscores Nigeria’s growing appeal as a prime destination for oil and gas investments, driven by the transformative framework of the Petroleum Industry Act (PIA) 2021.
Engr. Gbenga Komolafe, Chief Executive of NUPRC, hailed the conversion as a testament to the PIA’s impact and the resilience of Nigeria’s upstream sector.
“This milestone achievement follows the successful commercial discovery of hydrocarbons in the field and the subsequent conversion in accordance with Section 81(1) of the Petroleum Industry Act,” Komolafe said. “It demonstrates the value of the 2020 bid round and sends a strong signal to both domestic and international investors that Nigeria remains a top destination for oil and gas investments.”
The PPL 202, now PML 66, is held by a consortium of 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 commended the licensees for their diligence and professionalism in meeting their work program obligations, which facilitated the successful conversion.
The transition reflects the NUPRC’s role as a business enabler, providing regulatory clarity and fostering operational excellence. Ingentia Energies, a key stakeholder in the project, pledged to drill over five wells, signaling robust plans to maximize the asset’s potential and contribute to Nigeria’s energy sector growth.
“This development highlights the hard work of the licensees and the guidance of the Commission,” Komolafe added. “It showcases Nigeria’s commitment to creating a commercially viable and investor-friendly environment for oil and gas exploration.”
