The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, the first-ever transition of a licence from the 2020 Marginal Field Bid Round.
The disclosure was made by NUPRC’s Chief Executive, Gbenga Komolafe, on Friday during the signing ceremony of PML 66 between Ingentia Energies and its shareholders in Abuja, as contained in a statement on the Commission’s official X account.
According to the statement, the conversion followed the successful commercial discovery of hydrocarbons in the field, enabling the asset to move from exploration to production status in line with Section 81(1) of the Petroleum Industry Act (PIA) 2021.
NUPRC said the development demonstrates the value of the 2020 bid round and the resilience of Nigeria’s upstream sector.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully overseen the conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, a landmark achievement that reinforces Nigeria’s standing as a prime destination for both local and international oil and gas investors.
“This milestone not only signifies the successful transition of a key asset but also highlights the transformative potential of the Petroleum Industry Act (PIA) 2021.
“The commission’s Chief Executive (CCE), Engr. Gbenga Komolafe, made these remarks on Friday at the Signing Ceremony of Petroleum Mining Lease (PML) 66 between Ingentia Energies and its shareholders in Abuja,” the statement read in part.
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The Commission highlighted that Ingentia Energies, operator of the lease, has pledged to drill more than five wells from the field, reinforcing its commitment to deliver value.
NUPRC further commended the consortium of licence holders—Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nigeria Limited, and Genesis Hydrocarbons Limited—for their diligence and professionalism in meeting their obligations under the PPL, which paved the way for the conversion.
- Komolafe noted that the conversion of PPL 202 to PML 66 reflects both the determination of the licensees and the Commission’s role as a business enabler.
- He added that the milestone also sends a strong signal to domestic and international investors that Nigeria remains a prime destination for oil and gas investment, backed by regulatory clarity, commercial viability, and operational excellence.
NUPRC stated that the landmark achievement represents a significant step in the implementation of the PIA 2021 and reinforces Nigeria’s standing as a competitive hub for upstream oil and gas activities.
