The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced 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.

The 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 the remarks on Friday at the Signing Ceremony of Petroleum Mining Lease (PML) 66 between Ingentia Energies and its shareholders in Abuja.

Describing the event as a significant step in the implementation of the PIA, the CCE explained that the signing of PML 66 represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Field Bid Round.

The holders of PPL 202 are Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited.

Engr. Komolafe remarked, “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.”

The NUPRC boss 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 licence, which paved the way for the conversion. (Channels TV)