By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday converted Petroleum Prospecting Licence (PPL) 202, owned by Ingentia Energies Limited, to Petroleum Mining Lease (PML) 66.

With the conversion, Ingentia, which currently produces about 2,500 barrels per day (bpd) from a well in the field, is targeting an increase in output to 7,000 bpd by the end of March 2026.

Speaking at the event in Abuja, the Commission’s Chief Executive, Engr. Gbenga Komolafe, described the development as a landmark achievement, being the first conversion from the 2020 Marginal Field Bid Round.

The holders of PPL 202 are Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nigeria Ltd, and Genesis Hydrocarbons Limited.

According to him, “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. 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.”

Engr. Komolafe stressed that PML 66 is not merely another lease but rather marks the beginning of a new chapter in Nigeria’s oil and gas landscape.

He emphasized, “This underscores the transformative potential of the reforms we have put in place and the shared vision for a more efficient, competitive, and sustainable upstream petroleum industry.”

The CCE also urged other awardees to emulate the exemplary standards demonstrated by the holders of PML 66.

“I also urge them to maintain this positive momentum and ensure that the benefits of this development extend beyond corporate boardrooms to the Nigerian people, in the form of jobs, capacity building, technology transfer, and enhanced revenues for shared prosperity,” he added.

Speaking at the event, the Managing Director, Ingentia Energies, Mrs. Olajumoke Ajayi said the company would increase the number of oil well operating in the field from to three by the end of the first quarter of next year.

Ajayi stated that the conversation is expected to have a positive impact on the company’s growth and contribution to the energy landscape.

She said in the last one year, the company’s oil production has added about 900,000 barrels to the One Million Barrels Initiative, launched in October 2024 by NUPRC, aimed at boosting the nation’s crude oil production.

“This significant achievement marks a new chapter in the company’s growth story and solidifies Ingentia Energies’ position as a rising force in Nigeria’s oil and gas sector”, she added.

“From one well we are producing about 2,500 barrels a day and that has been consistent for over a year now. The well can actually do more but we are limiting it for now. The rig is moving to location now because we have two wells to drill back to back.

“From the wells, we expect about 2,200 to 2,500 barrels per day. By end of first quarter next year, we see us taking our production to over 7,000 barrels per day”, she disclosed.

The Ingentia Energies shareholders were represented at the event by Ekeno Ndebbio and Yewande Ajilore of Sun Trust; Salim Buhari and Abdulrahman Garba and Gabriel Ogbechie of PetroGas; Dayo Amzat and Farouk Aliyu ⁠SomOra; Valentine Ugbeide and Rita Ifidon ⁠of Moore Oil; and Tunde Banjo and Oseni Elamah of ⁠Genesis Hydrocarbons.