Nigeria, Sept. 13 -- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday announced the successful conversion of Ingentia Energies' Petroleum Prospecting Licence (PPL 202) into a Petroleum Mining Lease (PML 66).

Speaking at the signing ceremony between Ingentia Energies and its shareholders held in Abuja on Friday, the NUPRC Chief Executive, Gbenga Komolafe, described the development as 'historic', adding that PML 66 stands as the very first PML to be converted from a PPL arising from the 2020 marginal field bid round.

He said this milestone achievement follows the successful commercial discovery of hydrocarbons in the field and the subsequent conversion of the asset in accordance with Section 81(1) of the Petroleum I...