May 28, 2024

Platform Petroleum targets 10,000 barrels of oil, 50bn scf gas daily

Oil prices jump as Saudi Arabia, Russia extend production cut till December

By Udeme Akpan, Energy Editor

Platform Petroleum, a leading Nigeria’s indigenous oil and gas company, has unfolded plans to achieve 10,000 barrels of oil and at least 50 billion standard cubic feet of gas daily by 2025.

The feats are to be accomplished under the company’s strategic investment plan, targeted at bringing three marginal fields into production during the period.

Chief Dumo Lulu-Briggs, Chairman of Platform Petroleum, who disclosed this on the sidelines of the just-concluded 2024 Offshore Technology Conference (OTC) in Houston, USA, said that the company has concluded an arrangement to hold a roadshow in London in June 2024 to raise additional funds to finance its expansion plans.

He said the roadshow will highlight the company’s efficient production, upgraded flow stations, increased capacity, and achievements in nearly zero emissions, adding that with about one percent gas flare currently, Platform aims for zero gas flares by the last quarter.

He said: “The upcoming roadshow aims to attract equity partners and prepare for future opportunities, targeting a billion-dollar investment. We are seeking partners ready to invest in Nigeria’s oil and gas potential. Our goal is to showcase the country’s vast opportunities and its potential to international investors.

“Nigeria is a vast market, and Platform Petroleum is thinking big. With the government’s ambitious plans, such as the Lagos-Calabar coastal line, Platform is poised for growth; pushing itself to the next level, building on a strong foundation and following Seplat’s successful precedent.”

Despite being a small company, he emphasized that Platform Petroleum has demonstrated significant success and efficiency, showcasing that smaller oil and gas entities can indeed achieve remarkable feats adding that he believes that the company deserves recognition and more assets.

“Platform Petroleum is ambitious, aspiring to become a tier-1 company akin to international oil companies (IOCs) or a tier-2 company like Seplat. Interestingly, Seplat originated from Maurel & Prom, Shebah Petroleum, and Platform Petroleum, and today stands as a major player in the industry. This history underlines Platform’s potential for substantial growth”, Lulu-Briggs said.

Furthermore, the Platform Petroleum Chairman said that the OTC remains a crucial event for promoting Nigeria’s significant market potential.

“Partnering with the Petroleum Technology Association of Nigeria (PETAN) at OTC is key to attracting investment. The current proactive government understands the necessity for economic growth, and Platform is prepared to leverage every opportunity in the oil and gas industry to contribute to this expansion”, he concluded.