The Nigerian Upstream Petroleum Regulatory Commission has converted Ingentia Energies’ Petroleum Prospecting Licence 202 into Petroleum Mining Lease 66.

The conversion agreement was signed on Friday at the commission’s headquarters in Abuja by NUPRC, Ingentia Energies, and its shareholders—Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & Production Nig Ltd, and Genesis Hydrocarbons Limited.

Describing the development as “historic,” NUPRC chief executive Gbenga Komolafe said it marks the first-ever conversion of a PPL to a PML from the 2020 marginal field bid round.

He noted that the milestone demonstrates progress in implementing the PIA and reinforces Nigeria’s standing as a key destination for both local and international oil and gas investment.

The CEO added that the milestone signifies both the successful transition of a key asset and the transformative impact of the PIA 2021.

“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,” he said.

Komolafe further urged other awardees to emulate the exemplary standards demonstrated by the holders of PML 66.

The Managing Director of Ingentia Energies, Olajumoke Ajayi, thanked the commission’s leadership for their unwavering support and guidance throughout the process.

“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,” she said.

“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.”