Platform Petroleum Aims for Billion-Dollar Investment with Ambitious Expansion Plans
Platform Petroleum is setting its sights on a billion-dollar investment as it unveils an ambitious strategic plan to bring three marginal fields into production by 2025. The company aims to achieve a daily output of 10,000 barrels of oil and at least 50 billion standard cubic feet of gas. This announcement was made by Chief Dumo Lulu-Briggs, Chairman of Platform Petroleum, during the 2024 Offshore Technology Conference (OTC) in Houston, USA.
In a significant move to secure funding for these expansion plans, Platform Petroleum has scheduled a roadshow in London for June 2024. “The upcoming roadshow aims to attract equity partners and prepare for future opportunities, targeting a billion-dollar investment. We are seeking partners ready to invest in Nigeria’s oil and gas potential. Our goal is to showcase the country’s vast opportunities and its potential to international investors,” said Lulu-Briggs.
The London roadshow will focus on Platform Petroleum’s efficient production processes, upgraded flow stations, increased capacity, and achievements in minimizing emissions. The company currently has about one percent gas flare and aims for zero gas flares by the end of the year.
“Nigeria is a vast market, and Platform Petroleum is thinking big. With the government’s ambitious plans, such as the Lagos-Calabar coastal line, Platform is poised for growth, building on a strong foundation and following Seplat’s successful precedent,” added Lulu-Briggs.
Despite its size, Platform Petroleum has demonstrated significant success and efficiency, proving that smaller oil and gas companies can achieve remarkable results. Lulu-Briggs emphasized the company’s potential for growth and the need for recognition and more assets.
“Platform Petroleum aspires to become a tier-1 company akin to international oil companies or a tier-2 company like Seplat. Seplat originated from Maurel & Prom, Shebah Petroleum, and Platform Petroleum, and today stands as a major player in the industry. This history underlines Platform’s potential for substantial growth,” he said.
Lulu-Briggs also highlighted the importance of the Offshore Technology Conference (OTC) in promoting Nigeria’s significant market potential. “Partnering with the Petroleum Technology Association of Nigeria (PETAN) at OTC is key to attracting investment. The current proactive government understands the necessity for economic growth, and Platform is prepared to leverage every opportunity in the oil and gas industry to contribute to this expansion,” he concluded.
