Platform Petroleum to Invest $1 Billion in Nigeria’s Oil & Gas Industry, Showcases Growth Plans at AEW 2024

Segun Atanda/

Platform Petroleum, an indigenous energy company, has announced ambitious plans to significantly enhance Nigeria’s oil and gas output, with Chairman Dumo Lulu-Briggs revealing a potential investment of up to $1 billion in the sector.

As part of its growth strategy, the company is upgrading its flow station capacity at the Egbaoma field in the Niger Delta Basin, aiming to increase production from 3,000 to 10,000 barrels of oil per day (bpd) and from 30 million to 60 million standard cubic feet of natural gas per day by 2025.

In support of these ambitious targets, Platform Petroleum will participate as a Silver Sponsor at the African Energy Week (AEW): Invest in African Energy 2024 conference, scheduled to take place in Cape Town from November 4-8. The event will provide the company with a prime opportunity to showcase its potential to partners and investors, particularly in Nigeria’s marginal field development.

The conference will also serve as a platform for Platform Petroleum to explore new capital and technological partnerships to further enhance its production capabilities.

The Egbaoma field, operated by Platform Petroleum, is one of 24 marginal fields farmed out to indigenous oil companies in Nigeria.

Since commencing production, the company has carried out nine workover operations, drilled three wells, and executed two sidetracks. These efforts reflect Platform Petroleum’s commitment to optimizing the field’s output, in collaboration with its joint partner, Newcross Petroleum.

Nigeria’s upcoming 2024 bid round places significant emphasis on marginal assets, seen as key to boosting sector efficiency and bringing new resources online.

Marginal fields, such as those under Platform Petroleum’s operation, are expected to play a crucial role in diversifying the country’s exploration landscape and attracting substantial investment.

With the oil and gas sector contributing over 85% of Nigeria’s export earnings and 30% of its budget revenues, the government has been actively restructuring fiscal terms, institutional frameworks, and regulatory policies to attract more investment and promote the growth of indigenous oil and gas companies. This effort aims to boost local content development and increase value addition within the country.

“Improving the participation of local companies in Nigeria’s oil and gas sector will assuredly enhance energy independence across the country while upskilling the workforce and boosting local content development,” said African Energy Chamber Executive Chairman NJ Ayuk.

“As Nigeria moves to alleviate energy poverty through domestic petroleum products, companies such as Platform Petroleum will be central to enhancing oil recovery and resource monetization across the country. Their participation at AEW 2024 is a testament to the capacity of Nigeria’s local producers.”

For more details on the African Energy Week conference, visit [www.AECWeek.com](http://www.AECWeek.com).

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