The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has achieved a landmark milestone with the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66. The development, the first of its kind from the 2020 Marginal Field Bid Round, highlights the effective implementation of the Petroleum Industry Act (PIA) 2021 and reinforces investor confidence in Nigeria’s upstream oil and gas sector.
Speaking at the signing ceremony in Abuja, the Commission’s Chief Executive, Engr. Gbenga Komolafe, explained that the conversion followed a successful commercial discovery of hydrocarbons in the field. He commended the licence holders including Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration and Production Nig Ltd, and Genesis Hydrocarbons Limited for meeting their obligations and paving the way for the transition.
Engr. Komolafe added that the move sends a strong signal to local and international investors about Nigeria’s regulatory clarity and operational excellence under the PIA. At the event, Ingentia Energies which leads the consortium pledged to drill over five new wells, further boosting confidence in the country’s oil and gas investment opportunities.