The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully converted Petroleum Prospecting Licence (PPL) 202 into Petroleum Mining Lease (PML) 66, marking a historic milestone in the nation’s oil and gas sector.
The development, achieved under the provisions of the Petroleum Industry Act (PIA) 2021, represents the first-ever conversion of a PPL to a PML from the 2020 Marginal Field Bid Round.
Speaking during the signing ceremony held in Abuja, the Commission’s Chief Executive, Engr. Gbenga Komolafe, described the transition as a landmark achievement that strengthens Nigeria’s reputation as a prime destination for energy investments.
According to him, the successful conversion followed the commercial discovery of hydrocarbons in the field and was carried out in line with Section 81(1) of the PIA.
“This milestone clearly demonstrates the value of the bid round and the resilience of our upstream sector,” Komolafe said, adding that the move showcases regulatory clarity, commercial viability, and operational excellence in Nigeria’s oil and gas industry.
He commended the license holders—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 professionalism and diligence in meeting their obligations, which paved the way for the conversion.
Komolafe also stressed that the Commission remains committed to serving as a business enabler and to driving investments that will unlock further opportunities for both local and international operators.
Reported by: Stone Reporters News
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