Ingentia Energies converts asset to PML, targets increase production by 7,500 bpd
Cynthia Egboboh, Abuja.
Ingentia Energies, has converted its Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, under the supervision of Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking during signing ceremony in Abuja on Friday, Gbenga Komolafe, Commission Chief Executive of NUPRC, explained that the conversion follows the successful commercial discovery of hydrocarbons in the field.
He described the event as a significant step in the implementation of the PIA, adding that the signing of PML 66 represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Field Bid Round
Komolafe said, “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. This development clearly demonstrates the value of the bid round and the resilience of our upstream sector.
“The conversion of PPL 202 to PML 66 further reflects the hard work and determination of the licensees, as well as 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 top destination for oil and gas investments, supported by regulatory clarity, commercial viability, and operational excellence.”
Komolafe commended the holders of PPL 202, Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited—for their diligence, professionalism, and dedication in fulfilling their work programs and obligations under their license, which paved the way for this conversion.
He stressed that PML 66 is not merely another lease but rather marks the beginning of a new chapter in Nigeria’s oil and gas landscape.
“This underscores the transformative potential of the reforms we have put in place and the shared vision for a more efficient, competitive, and sustainable upstream petroleum industry.
“I also urge them to maintain this positive momentum and ensure that the benefits of this development extend beyond corporate boardrooms to the Nigerian people, in the form of jobs, capacity building, technology transfer, and enhanced revenues for shared prosperity,” he added.
In her remark, Olajumoke Ajayi, the Managing Director of Ingentia Energies, explained that the company currently have two wells to drill, and three plans for next year. According to her, by the end of the first quarter next year, the company is expected to increase production by 7,500 barrels.
He said that the 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.
“Ingentia Energies Limited is now poised to take its oil and gas operations to the next level, having successfully converted its Petroleum Prospecting Licence (PPL) to a Petroleum Mining Lease (PML). With this development, the company is now focused on delivering sustainable growth and long-term value.
“Once again, the CCE, we assure you that this job will be done. 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.”
