The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has achieved a major milestone with the successful conversion of Petroleum Prospecting Licence (PPL) 202 into Petroleum Mining Lease (PML) 66. This landmark development underscores Nigeria’s growing attractiveness as a hub for both local and international oil and gas investment.
Speaking at the official signing ceremony on Friday in Abuja, the Commission’s Chief Executive, Engr. Gbenga Komolafe, described the achievement as a significant step in the implementation of the Petroleum Industry Act (PIA) 2021. He emphasized that the transition represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Field Bid Round.
The licence holders of PPL 202 include Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A. Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig. Ltd, and Genesis Hydrocarbons Limited.
According to Komolafe, the conversion follows the successful commercial discovery of hydrocarbons in the field and aligns with Section 81(1) of the PIA. He noted that this achievement reflects the resilience of Nigeria’s upstream sector and the growing value of the marginal field bid rounds.
“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 the Commission as a business enabler,” Komolafe stated. “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 CCE also commended the diligence and professionalism of the licence holders, acknowledging their commitment to fulfilling work programs and obligations, which made the conversion possible.
This development, according to the NUPRC, reinforces the transformative potential of the PIA 2021 and highlights the Commission’s role in driving growth, sustainability, and investor confidence in Nigeria’s oil and gas industry.
