Ardogreen Energy Limited has announced plans to secure a Petroleum Mining Lease for the Olua Field under Petroleum Prospecting Licence 203 by the end of the second quarter of 2025.
The company, along with its parent firms, Ardova Plc and Petrodev Oil and Gas Limited, formalised a Risk Service Agreement with HSI Energies Limited to achieve this target.
With more than 450 stations throughout Nigeria, Ardova Plc is an indigenous operator in the downstream oil and gas industry, whereas Petrodev Oil and Gas Limited concentrates on purchasing oil and gas assets, the Punch reported.
HSI Energies Limited is a fully integrated energy firm With operations in field services, petroleum exploration, and refining in Nigeria and international markets.
According to a statement the energy company provided, the arrangement entails drilling two wells, Olua-1 and Olua-2, as well as setting up field processing and transportation infrastructure to facilitate the conversion of the prospecting license into a mining lease.
Under the terms of the agreement, HSI Energies will get a 20% working interest in the Olua Field from Ardova Plc. and Petrodev Oil and Gas Limited through a farm-out arrangement, subject to regulatory approvals.
Abdulwasiu Sowami, chairman of Ardogreen, called the deal a pivotal moment in the company’s growth.
He said,
“The transaction is a significant milestone in the realisation of Ardogreen’s vision of becoming a full-fledged E&P operator.”
Anthony Idigbe, vice-chairman of Ardogreen, stated that the agreement is in line with national energy objectives.
“The transaction supports President Tinubu’s one-million-barrel project to increase production by one million barrels,” Idigbe said.
Chikezie Nwosu, Group Chief Executive Officer at HSI Energies, was upbeat about the partnership.
Nigerian oil companies with highest profits in 9 months
Legit.ng reported that Despite security issues, six oil firms in Nigeria posted a combined profit of N626.6 billion in their nine-month operations.
The firms include Seplat, TotalEnergies, Conoil, MRS, and Eterna Oil, which achieved N629.6 billion profit before tax in the first three quarters of this year.
The amount represents an 184% spike from the N133 billion recorded in the same period in 2023.
