Platform Petroleum Explores Nigeria’s Marginal Field Potential as Bronze Sponsor at IAE 2024
Paris, April 24, 2024 – Platform Petroleum, a prominent Nigerian operator, is set to participate as a Bronze Sponsor at the prestigious Invest in African Energy (IAE) 2024 forum in Paris. The company’s involvement underscores its commitment to leveraging new investments and technologies for the advancement of Nigeria’s marginal assets.
Operating primarily in the Niger Delta Basin, Platform Petroleum oversees the Egbaoma field on OML 38, one among the 24 marginal fields previously allocated to indigenous oil companies. Demonstrating proactive management, Platform Petroleum has conducted over nine workover operations, drilled three wells, and executed two side tracks since the commencement of oil production. These efforts, conducted in collaboration with Newcross Petroleum, aim to optimize production and pave the way for future developments.
In anticipation of increased production from forthcoming drilling activities, Platform Petroleum is in the process of upgrading its flow station capacity. This enhancement will see a significant boost 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 serves as a premier platform facilitating investment dialogue between African energy markets and global investors. Scheduled for May 14-15, 2024, in Paris, the event promises two days of robust engagement, featuring industry experts, project developers, investors, and policymakers.
During the forum, Platform Petroleum aims to highlight investment opportunities in marginal field development, alongside initiatives for enhanced gas recovery and monetization. Nigeria’s forthcoming 2024 bid round places a notable emphasis on marginal assets, signaling potential efficiency gains, resource expansion, and diversification within the country’s exploration sector. Notably, Nigeria’s previous marginal licensing round in 2020 saw 57 fields on offer, with the top 25 fields projected to attract over $9 billion in investment within their initial five years of operation, and generate over $38 billion in lifetime revenue.
Sandra Jeque, Event & Project Director at IAE 2024 organizers, Energy Capital & Power, emphasizes the strategic significance of Nigeria’s marginal assets, noting their role in attracting smaller indigenous players like Platform Petroleum, while also catalyzing foreign investment. She anticipates that the continued development of these assets will not only bolster Nigeria’s oil output but also stimulate demand across various sectors including seismic data acquisition, geological support, field development planning, and environmental assessments.
Platform Petroleum forms part of the Nigerian delegation to the IAE 2024 Forum in Paris, coordinated by the event’s official Nigerian partner, Legend & Legacy.
