The Nigerian Upstream Petroleum Regulatory Commission has announced the conversion of Petroleum Prospecting Licence 202 into Petroleum Mining Lease 66, marking the first such conversion under the Petroleum Industry Act, 2021.
The Commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, said in a statement on Friday that the development, which followed the 2020 Marginal Field Bid Round, signalled a landmark for the oil and gas sector.
Speaking at the signing ceremony in Abuja, the NUPRC Chief Executive, Gbenga Komolafe, said the move underscored Nigeria’s regulatory clarity and industry resilience.
“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.
”The conversion 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 said.
The licence was jointly held 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.
Komolafe commended the firms for their “diligence, professionalism, and dedication,” which he said paved the way for the conversion.
He added that PML 66 “is not merely another lease but rather marks the beginning of a new chapter in Nigeria’s oil and gas landscape,” while urging other awardees to emulate the standards demonstrated.
The Managing Director of Ingentia Energies, Mrs. Olajumoke Ajayi, described the development as both a milestone for the company and a boost for the country’s industry.
“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,” Ajayi said.
She disclosed that the company is preparing to drill at least five wells over the next year, projecting an increase of up to 7,500 barrels of oil per day by the end of the first quarter of 2026.
” 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.
Ajayi also pledged Ingentia’s support for government efforts to raise national crude production by one million barrels per day under President Bola Tinubu’s administration.
The Commission said the successful conversion underscores the transformative potential of the PIA and reflects its role as “a business enabler” in Nigeria’s petroleum sector.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
