Petralon's Nigerian Drilling Campaign to Boost Offshore Oil Output
The milestone comes as Petralon seeks to unlock greater value from Nigeria's offshore oil resources. The company invested $25 million in the drilling program and development initiatives at the field between 2014 and 2022, officially securing a 100% stake in PPL 259 following the implementation of Nigeria's Petroleum Industry Act in 2021. The production milestone underscores 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. Petralon is a Platinum Partner of the African Energy Week (AEW): Invest in African Energies conference, taking place September 29 to October 3, 2025, in Cape Town.
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.
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% interest in OML 127 and a 16% stake in OML 130. OML 127 features the Agbami field while OML 130 contains the Akpo, Egina and Preowei fields. Net production from the producing Akpo, Egina and Preowei fields averages 51,000 bpd. Both asses are situated in the deep offshore, showcasing gross 2P reserves of 270 million barrels and 638 million barrels, respectively.
Meanwhile, Petralon has also been strengthening its ownership stakes across the African upstream industry. The company holds an indirect equity interest in Prime Oil&Gas, which recently finalized its merger with Africa Oil Corp. Petralon has emerged with a 4.24% stake in the expanded entity. The transaction aligns with Petralon's broader intentions to strengthen its presence in Africa. The newly-expanded entity now operates a strong portfolio that includes deepwater assets in Nigeria alongside ventures in Namibia, South Africa and Equatorial Guinea. With the merger, the expanded entity benefits from a strengthened balance sheet as well as new opportunities for regional growth.
Stepping into this picture, AEW: Invest in African Energies 2025 supports indigenous operators in Africa as they strive to further expand their presence across the upstream market.
'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.
Distributed by APO Group on behalf of African Energy Chamber.
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