Ingentia Energies Limited, the operator of the Egbolom field PPL 202, formerly OML23 and now known as PML 66, has disclosed the corporation’s plans to ramp up oil production in Nigeria by 7,500 barrels through the mobilization of new rigs in line with the upcoming kick-off of its drilling campaign program.
The Managing Director of Ingentia Energies, Mrs. Olajumoke Ajayi, expressed this positive development during the recent conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, in a brief signing ceremony that was held by the License stakeholders and presided over by the Commission’s Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe.
“As we speak, our rig is en route. 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,” Mrs. Olajumoke Ajayi, expressed.
Full-field development activities have commenced in earnest, with the re-entry operations of the Egbolom-2 well completed and plans for drilling new wells underway. First oil from the Egbolom field was achieved in April 2024, with over 550,000bbls of crude oil produced to date. Based on its appreciable accredited reserves base, the Egbolom field is set to become a significant contributor to Nigeria’s indigenous production target.
The NUPRC has commended Ingentia Energies Limited and the holders of PML 66, 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.
“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,” NUPRC Boss, Engr. Komolafe stated.
Following a successful bid for the Egbolom field (PPL 202, formerly OML23) during the 2020 marginal field bid round, the Federal Government of Nigeria awarded SunTrust Atlantic Energies Limited a participating interest in PPL 202. PPL 202 is jointly held by SunTrust Atlantic and four others, with SunTrust Atlantic having the largest participating interest.
Further to the grant of PPL 202 and the directive of the Nigerian Upstream Petroleum Regulatory Commission, SunTrust Atlantic, together with its co-licensees, jointly incorporated a special purpose vehicle, Ingentia Energies Limited (Ingentia), to operate the Egbolom field.
Ingentia is owned by all the licensees of PPL 202, with shareholding corresponding to their participating interests. 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.
The Egbolom field, formerly situated in OML 23, was discovered in 1982. It is an onshore (swamp) marginal field located in the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Field, operated by Shell.
The Egbolom field has an Estimated Ultimate Recoverable (2P) reserve of about 72 million barrels and STOIIP (2P) of 219.8 million barrels, with a reservoir depth of 762m. The Egbolom Discovery consists of two wells: Egbolom-1, a vertical well drilled in March 1982 to a total depth of 11,118 ft MD, and Egbolom-2, drilled in August 1986 approximately 2.1 km north-west of Egbolom-1 to a depth of 12,390 ft MD. The wells encountered stacked sand and shale intervals of the Miocene Agbada Formation, while the regional source rock is the underlying Akata shale.
