Nigeria is set to increase its daily crude oil production by 2,500 barrels following the drilling of a second well by Petralon 54 Ltd, an indigenous upstream operator managing the Dawes-Island Field in Rivers State.
Petralon 54 Ltd, a subsidiary of Petralon Energy Limited, is strengthening its footprint in the Nigerian oil and gas industry through increased production and community engagement, with support from government-led initiatives like Project One Million Barrels per Day.”
Drilling an oil well is an overwhelming task for any organisation because of the logistics and the investments required, but we are happy that our meticulous planning and efforts have been met with good fortune,” said Ahonsi Unuigbe, Founder & CEO of Petralon Energy.
The drilling began this month after the arrival of the OES Teamwork rig at the Dawes-Island location, following a successful previous operation.
Unuigbe added, “We are emboldened to continue our economic ambassadorial role of creating value for our stakeholders – shareholders, investors, our host communities, indigenous oil servicing companies, and regulators.”
The Federal Government granted Petralon 54 a Petroleum Prospecting License (PPL 259) under the Petroleum Industry Act of 2021. Since then, the company has emphasized collaboration with its host communities, treating them as vital stakeholders in its operations.
As Nigeria pushes toward its Project One Million Barrels per Day goal, operators like Petralon are being encouraged to eliminate production bottlenecks and partner closely with regulators to maximize national output.
Looking ahead, Petralon Energy plans to expand output and pursue strategic investments, with a focus on contributing to the socio-economic development of the country.“We are open to new opportunities and ready to advance the socio-economic good of the Nigerian nation,” Unuigbe said.
This move aligns with Nigeria’s broader energy strategy, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently announced an increase in the nation’s official petroleum reserves, now standing at 37.28 billion barrels of crude oil and condensate, and 210.54 trillion cubic feet of natural gas.
