NUPRC Converts PPL 202 to PML 66, Boosting Nigeria's Oil Sector
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has converted Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, a significant move in the oil and gas sector. This conversion, marking a historic milestone, enhances Nigeria's appeal to both local and international oil and gas investors.
The transition aligns with the Petroleum Industry Act (PIA) of 2021, showcasing the country's commitment to transforming its upstream petroleum landscape. Engr Gbenga Komolafe, the CEO of NUPRC, announced the conversion during a signing ceremony with Ingentia Energies, a shareholder of PML 66.
The conversion from PPL to PML follows the successful commercial discovery of hydrocarbons in the field.
Plus234Feed summary based on reporting from News Online Nigeria. Read the original report below.
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