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Under efforts to boost Nigeria’s oil and gas output, Nigerian indigenous oil and gas company Platform Petroleum recently announced plans to invest as much as $1 billion in the country’s hydrocarbon industry. The company is also upgrading its flow station capacity at the Egbaoma field – situated within OML 38 in the Niger Delta Basin – from 3,000 barrels per day (bpd) to 10,000 bpd and from 30 million standard cubic feet of natural gas per day (scf/d) to 60 million  scf/d by 2025.

In light of this ambitious target, Platform Petroleum joins this year’s African Energy Week (AEW): Invest in African Energy conference – taking place in Cape Town from November 4-8 – as a Silver Sponsor. During the event, Platform Petroleum is expected to showcase opportunities to global partners and investors within Nigeria’s marginal field development, while highlighting enhanced gas recovery and monetization strategies. The conference will also serve as the premier platform for the company to seek additional capital and technology injections to further develop its assets.

AEW: Invest in African Energy 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 www.aecweek.com for more information about this exciting event.

The Egbaoma field – operated by Platform Petroleum – serves as one of 24 marginal fields previously farmed out to indigenous oil companies in Nigeria. Since first oil production, the company has carried out over nine workover operations, drilled three wells and executed two sidetracks – a testament to its robust efforts to optimize the field’s production, in joint partnership with Nigerian oil and gas company Newcross Petroleum.

Under its planned 2024 bid round, Nigeria is placing a strong emphasis on marginal assets, which offer the potential to maximize efficiency in the sector, bring new resources online and diversify the country’s exploration landscape. Nigeria’s previous marginal licensing round in 2020 featured 57 fields, of which the largest 25 are expected to generate over $9 billion of investment in their first five years of operation and over $38 billion in lifetime revenue.

Responsible for over 85% of Nigeria’s export earnings and 30% of budget revenues, the country’s oil and gas sector is critical to the national economy. As such, Nigeria’s government has sought to revitalize the industry by restructuring fiscal terms, institutional frameworks and regulatory policies to attract investment and boost efficiency, with a prime focus on promoting indigenous oil and gas companies to boost local content development and value addition.

“Maximizing the participation of local companies in Nigeria’s oil and gas sector will strengthen energy independence across the country, while upskilling the local workforce and fulfilling capacity building objectives. As Nigeria moves to achieve long-term energy security through increased oil and gas production, companies like Platform Petroleum will be central to enhancing oil recovery and resource monetization across the country. The company’s participation at AEW: Invest in African Energy 2024 is a testament to the capacity and vision of Nigeria’s local operators,” states African Energy Chamber Executive Chairman, NJ Ayuk.