Nigeria Completes First Licence Conversion Under PIA

Nigeria has completed its first conversion of an oil prospecting licence to a mining lease under the Petroleum Industry Act (PIA) 2021. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that Petroleum Prospecting Licence 202 has now become Petroleum Mining Lease 66.

The Commission said the move followed a commercial oil discovery and was a sign of regulatory stability in the country’s petroleum sector. Chief Executive Gbenga Komolafe told participants at a signing ceremony in Abuja that the conversion shows Nigeria remains open for both local and international investment.

The lease is held by a consortium of companies including Suntrust Oil Company, Petrogas Energy Trade, Somora GTP, Moore Oil Exploration & Production, and Genesis Hydrocarbons. Komolafe commended the firms for what he called their professionalism and urged other operators to match their pace.

One of the partners, Ingentia Energies, said drilling would begin shortly. Its managing director, Olajumoke Ajayi, projected that production could increase by as much as 7,500 barrels per day by early 2026, and pledged to support government efforts to lift national output.