The Nigerian Upstream Petroleum Regulatory Commission has upgraded Petroleum Prospecting Licence 202 to Petroleum Mining Lease 66, a move described as a landmark for the oil and gas industry.
In a statement issued Friday by the commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, it was noted that the development stemming from the 2020 Marginal Field Bid Round is the first time a prospecting licence has been converted under the Petroleum Industry Act 2021.
At the signing ceremony in Abuja, the commission’s Chief Executive, Gbenga Komolafe, highlighted that the conversion reflects both regulatory clarity and the industry’s resilience.
He explained: “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.”
Komolafe added that the conversion “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.”
The licence was jointly owned by Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited.
Commending the companies, Komolafe praised their “diligence, professionalism, and dedication,” stressing that these qualities made the conversion possible.
He further emphasized that PML 66 “is not merely another lease but rather marks the beginning of a new chapter in Nigeria’s oil and gas landscape,” while encouraging other awardees to adopt the same standards.
Mrs. Olajumoke Ajayi, Managing Director of Ingentia Energies, described the development as a milestone for both the company and the nation’s energy 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,” she said.
Ajayi revealed that the company plans to drill at least five wells within the next year, with a production target increase of 7,500 barrels of oil per day by the end of the first quarter of 2026. “As we speak, our rig is on its way.
We have two wells to drill back-to-back, and we have about three plans for next year. A well is producing between 2,000 to 2,500 barrels per day.
The other wells we are bringing online should contribute another 2,000 to 2,500 barrels, and by the end of the first quarter next year, we expect to increase our production by 7,500 barrels,” she said.
She also pledged Ingentia’s backing for the government’s drive to boost national crude production by one million barrels per day under President Bola Tinubu’s administration.
The commission concluded that the conversion demonstrates the transformative potential of the PIA and reinforces its role as a business enabler in Nigeria’s petroleum industry.
