The federal government is expecting to add about 2,500 barrels per day (bpd) to its production capacity following drilling activities at the Dawes Island field by African exploration and production company Petralon Energy.
The company has completed a new well at the field, which is situated in Petroleum Prospecting License (PPL) 259.
The company invested $25 million in the drilling programme and development initiatives between 2014 and 2022, securing a 100 per cent stake in PPL 259 following the implementation of Nigeria’s Petroleum Industry Act in 2021.
The production milestone highlights the instrumental role indigenous operators play in Nigeria, with future drilling activities set to further consolidate Petralon’s position in the country’s upstream sector.
Beyond PPL 259 and the Dawes Island field, Petralon is pursuing non-operated interests in Oil Mining License (OML) 127 and OML 130, seeking to unlock new resources and enhance revenue generation.
The company owns a stake in Prime Oil & Gas, which holds an 8 per cent interest in OML 127 and a 16 per cent stake in OML 130.
Petralon has also strengthened its ownership stakes across the African upstream industry, holding an indirect equity interest in Prime Oil & Gas, which recently finalised its merger with Africa Oil Corp.
The expanded entity now operates a strong portfolio that includes deepwater assets in Nigeria, ventures in Namibia, South Africa, and Equatorial Guinea.
“By connecting global financiers and operators with African partners, the event positions collaboration at the forefront of investment and development. As a Platinum Partner, Petralon underscores its vision to expand its upstream portfolio of operated and non-operated assets, while engaging with potential partners to unlock greater value from the continent’s oil and gas resources,” says NJ Ayuk, Executive Chairman, African Energy Chamber.
