From Adanna Nnamani, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has converted Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, the first such conversion from the 2020 marginal field bid round.
The conversion, which followed the commercial discovery of hydrocarbons, was signed yesterday in Abuja between Ingentia Energies and its shareholders.
This was contained in a statement issued by the commission’s spokesperson, Eniola Akinkuotu.
According to the statement, the commission’s Chief Executive, Engr. Gbenga Komolafe, said the exercise was carried out in line with Section 81(1) of the Petroleum Industry Act (PIA) 2021.
He explained that the conversion demonstrated the value of the bid round and the resilience of Nigeria’s upstream sector. Komolafe was quoted as saying: “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.”
He urged other licence holders to follow the example of PPL 202, which is owned by Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited. The statement added that Managing Director of Ingentia Energies, Mrs. Olajumoke Ajayi, said the company was ready to commence drilling operations, with plans to deliver at least five wells.
“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 was quoted as saying.
Ajayi commended the Commission for its support and pledged that the company would meet its obligations under the new lease.
