NUPRC has converted PPL 202 to PML 66, boosting Nigeria’s appeal to oil and gas investors.
NewsOnline Nigeria reports that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially converted Petroleum Prospecting Licence (PPL) 202 into Petroleum Mining Lease (PML) 66, marking a historic milestone in Nigeria’s oil and gas sector and reinforcing the country’s attractiveness to both local and international investors.
The move not only reflects the successful transition of a strategic asset but also underscores the transformative impact of the Petroleum Industry Act (PIA) 2021 on the nation’s upstream petroleum landscape.
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Engr. Gbenga Komolafe, Chief Executive of NUPRC, made the announcement on Friday during the signing ceremony of PML 66 between Ingentia Energies and its shareholders in Abuja.
Describing the event as a landmark step in implementing the PIA, Engr. Komolafe emphasized that the conversion of PPL 202 is the first-ever transition of a petroleum prospecting licence to a mining lease from the 2020 Marginal Field Bid Round.
The original holders of PPL 202 include Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nigeria Ltd, and Genesis Hydrocarbons Limited.
“This milestone 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,” Engr. Komolafe said.
He further noted, “The conversion of PPL 202 to PML 66 reflects the dedication and hard work of the licensees and the guidance provided by this Commission as a business enabler. More importantly, it sends a strong signal to investors, both domestic and international, that Nigeria remains a top destination for oil and gas investment, supported by regulatory clarity, commercial viability, and operational excellence.”
The NUPRC boss also commended the licence holders for their professionalism and commitment in fulfilling their work programs and obligations, which paved the way for the successful conversion of the licence.
