With ambitious plans to increase Nigeria’s oil output, indigenous energy company Platform Petroleum Chairman Dumo Lulu-Briggs recently announced that he is looking to invest as much as $1 billion in the country’s oil and gas industry. The company is also upgrading its flow station capacity at the Egbaoma field – situated on OML 38 in the Niger Delta Basin – from 3,000 barrels of oil per day (bpd) to 10,000 bpd and from 30 million standard cubic feet of natural gas to 60 million standard cubic feet per day by 2025.
In light of this ambitious target, Platform Petroleum will serve as a Silver Sponsor during this year’s African Energy Week (AEW): Invest in African Energy 2024 conference – taking place in Cape Town from November 4-8. During the event, Platform Petroleum is expected to showcase opportunities to partners and investors in Nigeria’s marginal field development while highlighting enhanced gas recovery and monetization strategies. The conference will also serve as the premier platform for the company to seek new capital and technologies to further develop its strategies to bolster output.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
The Egbaoma field – operated by Platform Petroleum – serves as one of 24 marginal fields previously farmed out to indigenous oil companies in Nigeria. Since first oil production, the company has carried out over nine workover operations, drilled three wells and executed two sidetracks – a testament to robust efforts to optimize the field’s production in joint partnership with oil and gas company Newcross Petroleum.
Under its planned 2024 bid round, Nigeria is placing a strong emphasis on marginal assets, which offer the potential to boost efficiency in the sector, bring new resources online and diversify the country’s exploration landscape. Nigeria’s previous marginal licensing round in 2020 featured 57 fields, of which the largest 25 are expected to generate over $9 billion of investment in their first five years of operation and over $38 billion in lifetime revenue.
Responsible for over 85% of Nigeria’s export earnings and 30% of budget revenues, the country’s oil and gas sector is critical to its economy. As such, Nigeria’s government has sought to revitalize the industry by restructuring fiscal terms, institutional frameworks and regulatory policies to attract investment and boost efficiency, with a prime focus on promoting indigenous oil and gas companies to boost local content development and value addition.
“Improving the participation of local companies in Nigeria’s oil and gas sector will assuredly enhance energy independence across the country while upskilling the workforce and boosting local content development. As Nigeria moves to alleviate energy poverty through domestic petroleum products, companies such as Platform Petroleum will be central for enhancing oil recovery and resource monetization across the country. Their participation at AEW 2024 is a testament to the capacity of Nigeria’s local producers,” stated African Energy Chamber Executive Chairman NJ Ayuk.
Distributed by APO Group on behalf of African Energy Chamber.
Source: Apo-Opa
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