Shell Backs Petralon Energy, Boosting Indigenous Oil Confidence

Shell Trading's trust in Petralon Energy signifies a growing confidence among investors in indigenous oil operators. This was highlighted during an event in London celebrating Petralon Energy's achievement of first oil at the Daw Island field.

Rodrigo Teixeira de Abreu, CEO of Shell Trading, praised Petralon Energy's leadership, including founder and CEO Ahonsi Unuigbe, board chairman Mutiu Sunmonu, and chief commercial officer Uduak Uquer. Petralon Energy's first oil achievement marks a significant milestone in Nigeria's marginal field program, demonstrating the company's capacity to acquire, develop, and finance oil and gas assets.

The company received an asset assignment in June 2022 and is on track to drill and produce within a compressed timeline, aiming for further developments by 2025. Petralon has already drilled its third field and plans to bring it onstream by the end of the third quarter of the year.