In a major boost for Nigeria’s upstream oil and gas industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially converted Petroleum Prospecting Licence (PPL) 202 into Petroleum Mining Lease (PML) 66 marking a historic first under the Petroleum Industry Act (PIA) 2021.
The announcement was made on Friday during a formal signing ceremony held in Abuja between Ingentia Energies and its consortium of shareholders. The Commission’s Chief Executive, Gbenga Komolafe, described the development as a milestone achievement and a key step in the practical rollout of reforms enshrined in the PIA.
“This marks the very first time a Petroleum Prospecting Licence from the 2020 Marginal Field Bid Round is being successfully converted into a Petroleum Mining Lease,” Engr. Komolafe said. “It is a testament to the commercial viability of the field, the diligence of the licensees, and the enabling role of the Commission.”
The conversion follows the successful discovery of commercially viable hydrocarbon reserves in the field, satisfying the conditions under Section 81(1) of the PIA for transitioning a prospecting licence into a mining lease.
The entities holding the former PPL 202 include:
- Suntrust Oil Company Nigeria Limited
- Petrogas Energy Trade W.A. Ltd
- Somora GTP Limited
- Moore Oil Exploration & Production Nig. Ltd
- Genesis Hydrocarbons Limited
Komolafe emphasized that the transition underscores the resilience of Nigeria’s upstream sector and validates the impact of recent reforms. He praised the licensees for demonstrating professionalism and strict adherence to their approved work programmes, which laid the groundwork for this conversion.
He further highlighted the broader implications of the development:
“This is more than just a licence conversion. It’s a signal to both domestic and international stakeholders that Nigeria remains open for business offering clarity, opportunity, and a strong regulatory framework to support long-term investments in oil and gas.”
The NUPRC boss reiterated the Commission’s commitment to positioning itself not just as a regulator, but as an enabler of business, ensuring that investors can thrive within a framework that balances profitability with national interest.
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