The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, underscoring Nigeria’s status as a prime destination for oil and gas investment. This milestone marks the successful transition of a key asset and highlights the transformative potential of the Petroleum Industry Act (PIA) 2021.
Engr. Gbenga Komolafe, the Commission’s Chief Executive, noted that 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—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 fulfilled their work programs and licence obligations, paving the way for the conversion.
The conversion follows the successful commercial discovery of hydrocarbons in the field and complies with Section 81(1) of the Petroleum Industry Act. Engr. Komolafe emphasized that this development demonstrates the value of the bid round and the resilience of Nigeria’s upstream sector, sending a strong signal to both domestic and international investors that the country remains a top destination for oil and gas investments, supported by regulatory clarity, commercial viability, and operational excellence.
The NUPRC chief commended the licensees for their diligence, professionalism, and dedication in meeting their obligations, which led to the conversion. This achievement reinforces Nigeria’s commitment to creating a conducive business environment for oil and gas operations and positions the country to attract further investment, driving economic growth and development.
Overall, the conversion of PPL 202 to PML 66 is a significant step in implementing the PIA, which aims to promote transparency, efficiency, and profitability in the oil and gas industry. As Nigeria navigates the complexities of the global energy landscape, this accomplishment highlights its potential for growth and development, confirming its role as a key player in the international oil and gas market.
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