NUPRC converts first prospecting licence from 2020 oilfield bid round to mining lease

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has converted the petroleum prospecting licence (PPL) 202 held by Ingentia Energies into petroleum mining lease (PML) 66.

According to a statement by the commission, NUPRC, Ingentia Energies and its shareholders signed the conversion on Friday at the commission’s headquarters in Abuja.

Ingentia Energies shareholders are Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited.

Speaking during the signing ceremony, Gbenga Komolafe, NUPRC’s chief executive officer (CEO), described the development as “historic”.

Komolafe said the event is a significant step in the implementation of the Petroleum Industry Act (PIA), adding that the signing of PML 66 represents the first-ever conversion of a PPL to a PML from the 2020 marginal field bid round.

He noted that it strengthens Nigeria’s reputation as a leading hub for both domestic and international oil and gas investors.

The CEO also said the milestone not only marks the successful transition of a key asset but also highlights the transformative potential of the PIA 2021.

“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 said.

“This development clearly demonstrates the value of the bid round and the resilience of our upstream sector.

“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 this Commission as a business enabler.

“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.”

Komolafe stressed that PML 66 is more than just another lease; it signifies the start of a new chapter in Nigeria’s oil and gas industry.

He further encouraged other awardees to follow the exemplary standards set by the holders of PML 66.

Olajumoke Ajayi, managing director of Ingentia Energies, expressed gratitude to the commission’s management for their steadfast support and guidance throughout the journey.

“Once again, the CCE, we assure you that this job will be done. 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,” she said.

“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.”

Ajayi said the achievement marks a new chapter in the company’s growth story, reinforcing Ingentia Energies’ emergence as a rising force in Nigeria’s oil and gas industry.