Platform Petroleum declares $bn expansion plans
Sopuruchi Onwuka
Platform Petroleum says the company is targeting a billion-dollar investment as it announces an ambitious strategic plan to bring three marginal fields into production by 2025.
The new developments would add significant 10,000 barrels of oil and at least 50 billion standard cubic feet of gas per day to the company’s gross output. Funding would be sources from the investment market.
Chairman of Platform Petroleum, Chief Dumo Lulu-Briggs, who spoke on the sidelines of the 2024 Offshore Technology Conference (OTC) in Houston, USA, said that the company has scheduled a roadshow in London this June 2024 to finance the expansion plans.
“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” Lulu-Briggs said.
He noted that Platform Petroleum’s roadshow in London would highlight the company’s efficient production, upgraded flow stations, increased capacity, and achievements in nearly zero emissions.
With about one percent gas flare currently, Platform aims for zero gas flares by the last quarter, he said.
“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; pushing itself to the next level, building on a strong foundation and following Seplat’s successful precedent”, Lulu-Briggs said.
Despite being a small company, he emphasized that Platform Petroleum has demonstrated significant success and efficiency, showcasing that smaller oil and gas entities can indeed achieve remarkable feats adding that he believes that the company deserves recognition and more assets.
“Platform Petroleum is ambitious, aspiring to become a tier-1 company akin to international oil companies (IOCs) or a tier-2 company like Seplat. Interestingly, 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”, Lulu-Briggs said.
Lulu-Briggs said the Offshore Technology Conference (OTC) has become a crucial event for 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 declared.
