A Landmark Achievement Under the PIA 2021

Genesis Hydrocarbons has achieved a significant milestone with the successful conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, marking a major advancement in tcompany’s long-term asset development strategy.

This conversion represents the first-ever PPL to PML conversion undertaken by the Nigerian Government, underscoring a landmark regulatory achievement under the Petroleum Industry Act (PIA) 2021. As a beneficiary of this conversion, Genesis now holds enhanced tenure security, providing a strong foundation for sustained investment and accelerated field development.

The conversion process was overseen by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and highlights the effectiveness of the PIA in delivering a stable, transparent, and investor-friendly regulatory framework. This milestone further strengthens Nigeria’s attractiveness to both indigenous and international oil and gas investors.