Platform Petroleum Targets Billion-Dollar Investment, Announces Bold Expansion Plans
Platform Petroleum has unveiled an ambitious strategic plan to secure a billion-dollar investment as it sets its sights on bringing 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. These plans were revealed by Chief Dumo Lulu-Briggs, Chairman of Platform Petroleum, during the 2024 Offshore Technology Conference (OTC) in Houston, USA.
Speaking at the event, Lulu-Briggs announced that the company is organizing a roadshow in London in June 2024, designed to attract equity partners and secure additional funding necessary for its aggressive expansion plans.
“Our upcoming roadshow is not just about raising funds; it’s about showcasing Nigeria’s vast oil and gas potential to international investors,” Lulu-Briggs stated. “We are targeting a billion-dollar investment, and we are seeking partners who are ready to invest in the immense opportunities that Nigeria’s oil and gas sector offers.”
The London roadshow will highlight Platform Petroleum’s operational efficiency, enhanced production capabilities, and commitment to environmental sustainability. The company has upgraded its flow stations, increased production capacity, and achieved near-zero emissions, with current gas flaring reduced to about one percent. Lulu-Briggs emphasized that the company aims to completely eliminate gas flares by the last quarter of the year.
“Nigeria presents a tremendous market opportunity, and Platform Petroleum is thinking big,” Lulu-Briggs said. “With the government’s ambitious infrastructure plans, such as the Lagos-Calabar coastal line, Platform is well-positioned for growth. We are pushing ourselves to the next level, building on our strong foundation and following in the successful footsteps of companies like Seplat.”
Despite its relatively small size, Platform Petroleum has demonstrated remarkable success and operational efficiency, proving that smaller oil and gas entities can achieve significant milestones. Lulu-Briggs pointed out that the company’s accomplishments deserve recognition and additional assets.
“Platform Petroleum aspires to join the ranks of tier-1 companies like the international oil companies (IOCs) or become a tier-2 company similar to Seplat,” Lulu-Briggs noted. “It’s worth remembering that Seplat itself originated from a merger that included Platform Petroleum. Today, Seplat stands as a major industry player, and this history underscores Platform’s potential for substantial growth.”
Lulu-Briggs also highlighted the importance of the Offshore Technology Conference (OTC) as a platform for promoting Nigeria’s significant market potential to a global audience. He stressed the value of partnering with the Petroleum Technology Association of Nigeria (PETAN) at the conference to attract much-needed investment.
“The proactive stance of the current government on economic growth presents a unique opportunity for companies like Platform Petroleum,” Lulu-Briggs concluded. “We are fully prepared to seize every opportunity within the oil and gas industry to contribute to Nigeria’s economic expansion.”
Platform Petroleum’s bold expansion plans and strategic initiatives reflect its commitment to becoming a major player in Nigeria’s oil and gas sector, with a focus on sustainable growth and operational excellence.
Source: Legend and Legacy
