By Chidi Ugwu

Copyright independent

ABUJA – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully overseen the conversion of Petroleum Prospecting Licence (PPL) 202 into Petroleum Mining Lease (PML) 66 — marking the first such conversion from the 2020 Marginal Field Bid Round.

Eniola Akinkuotu, Head, Media and Strategic Communications, in a statement said this landmark achievement reinforces Nigeria’s attractiveness as a destination for both local and international oil and gas investments.

The milestone facilitated under the framework of the Petroleum Industry Act (PIA) 2021, he said, underscores the Act’s transformative potential in reshaping the nation’s upstream petroleum sector.

Engr Gbenga Komolafe, the Commission Chief Executive (CCE), made the announcement on Friday during the official signing ceremony of PML 66 between Ingentia Energies and its shareholders in Abuja.

Describing the event as a critical step in implementing the PIA, Engr. Komolafe explained that the conversion was made possible following a successful commercial discovery of hydrocarbons in the field, in line with Section 81(1) of the Act.

He said: “The conversion of PPL 202 to PML 66 clearly demonstrates the value of the 2020 bid round and the resilience of Nigeria’s upstream sector”.

He further stated, “It also reflects the hard work and determination of the licensees, as well as the enabling guidance provided by the Commission. More importantly, it sends a strong signal to investors that Nigeria remains open for business, supported by regulatory clarity, commercial viability, and operational excellence.”

The PPL 202 license is held by a consortium of five companies: Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A. Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig. Ltd, and Genesis Hydrocarbons Limited.

Engr. Komolafe commended the consortium for its diligence, professionalism, and commitment to fulfilling their work programmes and licence obligations, which ultimately paved the way for the conversion.

He stressed that PML 66 is not merely another lease, but the beginning of a new chapter in Nigeria’s energy story.

“This achievement underscores the impact of the reforms we have enacted and reflects our shared vision for a more efficient, competitive, and sustainable upstream industry,” he said.

The CCE further urged other awardees from the 2020 Bid Round to emulate the standards demonstrated by the PML 66 holders, and to ensure that the benefits of such developments translate into tangible socio-economic impact.

“I encourage them to maintain this positive momentum and ensure that the dividends of these investments go beyond corporate boardrooms to benefit Nigerians — through job creation, capacity development, technology transfer, and increased government revenue,” he added.

Speaking at the event, the Managing Director of Ingentia Energies, Mrs Olajumoke Ajayi, expressed gratitude to the Commission for its steadfast support and leadership throughout the conversion process.

She described the signing of PML 66 as a major milestone for Ingentia and for Nigeria’s indigenous energy firms.

“This significant achievement marks a new chapter in our growth journey and solidifies Ingentia Energies’ position as a rising force in Nigeria’s oil and gas sector.

“We are proud of this accomplishment and grateful to our shareholders and staff whose commitment made it possible,” she said.

She further noted that with the conversion now completed, Ingentia Energies is set to escalate its operations, adding the company plans to drill over five wells, starting with two back-to-back wells already in motion, and three more scheduled for next year.

“Our rig is en route. One of our producing wells is yielding between 2,000 to 2,500 barrels per day. The additional wells we are bringing online are expected to contribute another 2,000 to 2,500 barrels. By the end of Q1 next year, we project an overall production increase of up to 7,500 barrels per day,” Mrs Ajayi revealed.

She also reaffirmed the company’s commitment to supporting the federal government’s ambition to grow national oil production by an additional one million barrels per day — an initiative launched in 2024 under the leadership of President Bola Tinubu.

Ingentia Energies pledged to align with the Commission’s objectives and contribute to building a more robust, inclusive, and prosperous upstream oil and gas industry in Nigeria.