Ardogreen Energy Limited is advancing plans to secure a Petroleum Mining Lease (PML) for the Olua Field under Petroleum Prospecting Licence 203. The company aims to achieve this milestone by the second quarter of 2025.
In collaboration with its parent companies, Ardova Plc and Petrodev Oil and Gas Limited, Ardogreen has signed a Risk Service Agreement with HSI Energies Limited. The agreement outlines the drilling of two oil wells—Olua-1 and Olua-2—along with the establishment of field processing and transportation infrastructure to convert the prospecting license into a mining lease.
HSI Energies Limited, a fully integrated energy company with expertise in petroleum exploration and refining, will acquire a 20% working interest in the Olua Field through a farm-out arrangement, pending regulatory approvals.
Ardogreen’s Strategic Milestone
Ardogreen’s chairman, Abdulwasiu Sowami, described the agreement as a pivotal moment in the company’s evolution into a full-fledged exploration and production (E&P) operator. Vice-chairman Anthony Idigbe highlighted that the transaction aligns with national energy goals, supporting President Bola Tinubu’s initiative to boost oil production by one million barrels.
Chikezie Nwosu, Group CEO of HSI Energies, expressed optimism about the partnership’s potential to drive growth and innovation in the sector.
Despite challenges, Nigerian oil firms have demonstrated resilience. Recent reports show that six major oil companies, including Seplat, TotalEnergies, and Conoil, posted a combined profit of ₦629.6 billion in the first nine months of 2024, marking a 184% increase compared to ₦133 billion in the same period of 2023.
This collaboration underscores the growing momentum in Nigeria’s oil and gas sector as stakeholders work to maximize the country’s energy potential.