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Platform Petroleum targets 10,000 barrels of oil per day

Platform Petroleum targets 10,000 barrels of oil per day

Platform Petroleum, a prominent Nigerian indigenous oil and gas company, has announced plans to boost its production to 10,000 barrels of oil and at least 50 billion standard cubic feet of gas daily by 2025. This goal is part of the company’s strategic investment plan, which aims to bring three marginal fields into production within this timeframe.

Chief Dumo Lulu-Briggs, the Chairman of Platform Petroleum, shared this development during the recent Offshore Technology Conference (OTC) in Houston, USA. He revealed that the company intends to conduct a roadshow in London in June 2024 to secure additional funding for its expansion initiatives.

Lulu-Briggs highlighted that the roadshow will emphasize Platform Petroleum’s efficient production capabilities, upgraded flow stations, and increased capacity, along with their achievements in reducing emissions. Currently, the company has reduced gas flaring to about one percent and aims to achieve zero gas flaring by the last quarter of the year.

He explained that the roadshow’s goal is to attract equity partners and prepare for future opportunities, aiming for a billion-dollar investment. Platform Petroleum seeks partners willing to invest in Nigeria’s oil and gas sector, showcasing the country’s vast potential to international investors. Lulu-Briggs emphasized Nigeria’s expansive market and the company’s readiness to expand, taking inspiration from the government’s ambitious infrastructure projects like the Lagos-Calabar coastal line.

Despite being a relatively small company, Platform Petroleum has demonstrated significant success and operational efficiency, proving that smaller entities in the oil and gas industry can achieve remarkable results. Lulu-Briggs believes that the company deserves recognition and additional assets, as it aspires to rise to the level of international oil companies (IOCs) or become a tier-2 company similar to Seplat. He noted that Seplat, now a major industry player, originated from the merger of Maurel & Prom, Shebah Petroleum, and Platform Petroleum, highlighting Platform’s potential for substantial growth.

Lulu-Briggs also emphasized the importance of the OTC event in promoting Nigeria’s market potential. He stated that collaborating with the Petroleum Technology Association of Nigeria (PETAN) at OTC is crucial for attracting investment. The proactive stance of the current government on economic growth aligns with Platform Petroleum’s readiness to leverage opportunities in the oil and gas industry to contribute to national expansion.

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