The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, a significant development that underscores Nigeria’s position as a prime destination for oil and gas investments. This milestone marks the successful transition of a key asset and highlights the transformative potential of the Petroleum Industry Act (PIA) 2021.
According to Engr. Gbenga Komolafe, the Commission’s Chief Executive, the signing of PML 66 represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Field Bid Round. The holders of PPL 202, which include Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited, have successfully fulfilled their work programs! and obligations under their licence, paving the way for the conversion.
The conversion of PPL 202 to PML 66 follows the successful commercial discovery of hydrocarbons in the field and is in accordance with Section 81(1) of the Petroleum Industry Act. Engr. Komolafe noted that this development demonstrates the value of the bid round and the resilience of Nigeria’s upstream sector. 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.
The NUPRC boss commended the licensees for their diligence, professionalism, and dedication to fulfilling their obligations, which led to the conversion. This achievement reinforces the country’s commitment to creating a conducive business environment for oil and gas operations. With this development, Nigeria is poised to attract more investments in the sector, driving economic growth and development.
The conversion of PPL 202 to PML 66 is a significant step in the implementation of the PIA, which aims to promote transparency, efficiency, and profitability in the oil and gas industry. As Nigeria continues to navigate the complexities of the global energy landscape, this achievement highlights the country’s potential for growth and development in the sector. With its rich hydrocarbon resources and improving business environment, Nigeria is well-positioned to remain a key player in the international oil and gas market.