A significant milestone was achieved in Nigeria’s petroleum industry with the official signing of legal instruments converting Ingentia Energies’ Petroleum Prospecting Licence (PPL) to a Petroleum Mining Licence (PML), marked as PML 66.
The ceremony took place at the headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, with Ingentia Energies being noted as the first company among those awarded assets three years ago to reach this milestone.
In his opening remarks, the Commission Chief Executive, NUPRC, Gbenga Komolafe noted that PML 66 is the first petroleum mining lease converted from a petroleum prospecting license arising from the 2020 Marginal Field Bid Round, marking a historic achievement in the implementation of the Petroleum Industry Act (PIA).
“You will recall a few days back, we were here to celebrate, we conducted the ceremony that is in respect of the PLC licensing issuance to one of the ILC employees in respect of the 2024 licensing round.
Today, again, we are happy that we are all here to witness this significant event that is the milestone that marks, again, that is the conversion under the PIA.
So for us, it is a milestone indeed in the implementation of the Petroleum Industry Act and I’d like to welcome each and every one of us”.
“So distinguished ladies and gentlemen, it is with great pleasure and profound sense of pride that I welcome you all to this important signing ceremony for the execution of the petroleum mining lease in respect of PML 66.
Today’s occasion is historic in many respects. PML 66 stands as the very first petroleum mining lease to be converted from petroleum prospecting license arising from the 2020 Marginal Feed Bid Round”.
Komolafe highlighted that the conversion follows a successful commercial discovery of hydrocarbons in the field, in accordance with Section 8.1 of the PIA.
“This milestone achievement follows the successful commercial discovery of hydrocarbons in the feed and the subsequent conversion of the asset in accordance with Section 8.1 of the Petroleum Industry Act.
This development clearly demonstrates the value of the bid round and the resilience of our industry”.
NUPRC Chief Executive Gbenga Komolafe emphasized the commission’s commitment to implementing the PIA with transparency, consistency, and efficiency.
“Distinguished ladies and gentlemen, as the upstream regulator, this achievement further reaffirms our unwavering commitment to implementing the provisions of the Petroleum Industry Act with transparency, consistency, and efficiency”.
Komolafe reiterated that the achievement underscores the effectiveness of Nigeria’s licensing framework in driving investment, enhancing value creation, and promoting sustainable development of petroleum resources.
“It is a testament to the effectiveness of our licensing framework, which was designed not only to allocate assets, but to drive investment, enhance value creation, increase Nigeria’s hydrocarbon production, and promote the sustainable development of our petroleum resources”.
The Commission Chief Executive commended Licence Holders for their diligence and professionalism in fulfilling work programs leading to the conversion.
“Ladies and gentlemen, as we celebrate this milestone achievement, I wish to commend the holders of PPL-202, namely SunTrust Oil Company Ltd, Petro Gas Energy Trade West Africa Ltd, Samora JTB Ltd, Moor Oil Exploration and Production Ltd, and Genesis Hydrocarbons Ltd for their diligence, professionalism, and dedication in fulfilling their work programs and obligations under their license, which made this conversion possible”.
“For us, in the Commission, PML-66 is not just another lease, it represents the beginning of a new chapter, one that underscores the transformative potential of the reforms we have put in place and the shared vision of a more efficient, competitive, and sustainable upstream petroleum industry”
The NUPRC Boss stressed that the conversion sends a strong signal to domestic and international investors of Nigeria’s attractiveness for oil and gas investments, backed by regulatory clarity and commercial viability.
“The conversion of PPL-2 to PML-66 further reflects the hard work and determination of the licenses and 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 destination of choice for oil and gas investments, anchored on regulatory clarity, commercial viability, and operational excellence”.
On her part, Managing Director, Director,Ingentia Energies Ltd, Olajumoke Ajayi, hinted that the conversion testifies to Ingentia Energies’ hard work, dedication, and resilience, underscoring its position as a key player in Nigeria’s energy sector.
“The conversion to PML reflects the company’s commitment to unlocking the full potential of its assets and underscores its position as a key player in the energy sector.
As a pioneer in the industry, Ingentia Energies Limited continues to push boundaries and achieve excellence in its operations.
This latest development is expected to have a positive impact on the company’s growth and contribution to the energy landscape”.
Ajayi explained that In the last year, Ingentia Energies’ oil production added about 900,000 barrels to the One Million Barrels Initiative launched in October 2024, aimed at boosting Nigeria’s crude oil production.
“Notably, in the last one year, our oil production has added about 900,000 barrels to the One Million Barrels Initiative, launched in October 2024, aimed at boosting the nation’s crude oil production.
The Managing Director and CEO of Ingentia Energies Limited, Mrs Olajumoke Ajayi has expressed heartfelt gratitude to the company’s shareholders for their unwavering support and to the entire Ingentia Energies team for their relentless efforts in achieving a major milestone – the conversion of the company’s Petroleum Prospecting Licence (PPL) to a Petroleum Mining Lease (PML)”.
Ajayi thanked shareholders for unwavering support and the Ingentia Energies team for relentless efforts; as she expressed gratitude to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), host communities, and other stakeholders for their guidance, cooperation, and support.
“Ingentia Energies expressed gratitude to key stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for their guidance and partnership throughout the process.
The company also thanked its host communities for their cooperation and support, acknowledging the essential role they play in the company’s progress”.
“Other stakeholders who have contributed to the company’s success were also recognized and appreciated for their instrumental support. With full field development on the horizon, Ingentia Energies is energized by the opportunities ahead and remains committed to delivering value and growth”.
Being the first company among those awarded assets three years ago to reach this milestone, the MD said the 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.
With the PML conversion, Ajayi said the company is focused on delivering sustainable growth, long-term value, and full field development.
She reiterated that the achievement solidifies Ingentia Energies’ position as a rising force in Nigeria’s oil and gas sector.
“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.
Representatives of the Shareholders present at the signing include : SunTrust : Ekeno Ndebbio, Yewande Ajilore, PetroGas – Salim Buhari, Abdulrahman Garba, Gabriel Ogbechie,SomOra – Dayo Amzat, Farouk Aliyu, Moore Oil – Valentine Ugbeide, Rita Ifidon, Genesis Hydrocarbons – Tunde Banjo, Oseni Elamah and Ingentia Energies Limited – Olajumoke Ajayi.
