Nigeria’s Platform Petroleum will participate as a Bronze Sponsor of the Invest in African Energy (IAE) 2024 forum in Paris, as the indigenous operator seeks new capital and technologies to further develop Nigeria’s marginal assets.
Platform Petroleum operates the Egbaoma field on OML 38 in the Niger Delta Basin, one of 24 marginal fields previously farmed out to indigenous oil companies. Since first oil production, the company has carried out over nine workover operations, drilled three wells and executed two side tracks – a testament to robust efforts to optimize the field’s production in joint venture partnership with Newcross Petroleum. To handle expected production increases from future drilling activities, Platform Petroleum is upgrading its flow station capacity from 3,000 to 10,000 barrels of oil per day and from 30 million to 60 million standard cubic feet of gas per day.
IAE 2024 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers.
At the upcoming forum, Platform Petroleum will showcase opportunities to partner and invest in marginal field development, as well as enhanced gas recovery and monetization. Under its planned 2024 bid round, Nigeria is placing a strong emphasis on marginal assets, which offer the potential to boost efficiency of 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.
“Nigeria’s marginal assets provide a strategic point of entry for smaller and indigenous players like Platform Petroleum, as well as a key catalyst for foreign investment. With the continued development of these assets, Nigeria will not only be able to increase oil output, but also trigger a new wave of service demand in seismic data acquisition and interpretation, geological support and evaluations, field development planning, supply chain management, environmental assessments and more,” says Sandra Jeque, Event & Project Director at IAE 2024 organizers, Energy Capital & Power.
Platform Petroleum is part of the Nigerian delegation to the IAE 2024 Forum in Paris coordinated by the event’s official Nigerian partner, Legend & Legacy.
