Ingentia Energies Ltd. plans to raise crude output to 30,000 barrels a day by 2030, six times its current level. The Nigerian operator is seeking a bigger role in the country’s push to lift hydrocarbon production.

Victor Agbaroji, the company’s chief executive officer, set out the target during a courtesy visit to the Nigerian Upstream Petroleum Regulatory Commission in Abuja. It was his first official engagement with the regulator since he was appointed managing director and CEO. Production has risen to more than 5,000 barrels a day since the company took over as operator of its asset, he said.

The company is calling the goal “30 for 30.” Agbaroji said continued investment in technical development and growth opportunities will support it. He asked the commission for continued backing.

“We are positioned for growth and will embrace it fully, but we will do so responsibly and strategically, guided by the lessons and experience we have gained over the years,” Agbaroji said.
Case for Local Operators

Agbaroji used the meeting to argue for Nigerian-owned producers. He said companies that have turned assets into commercially viable operations should get access to larger opportunities, because their track record shows they can deliver.

“Operators that have demonstrated technical competence, sound asset management, and production growth have proven their capacity to create value,” he said. “Such achievements should serve as a basis for encouraging further industry participation and expansion.”

The pitch comes as Nigeria, an OPEC member that relies heavily on oil for export earnings, looks to local companies to help grow output. Indigenous operators have taken a larger share of onshore and shallow-water fields in recent years, though many are still small next to the international majors.

Regulator’s Message

Oritsemeyiwa Eyesan, the commission’s chief executive, received the delegation with members of her leadership team. She congratulated Ingentia on passing 5,000 barrels a day and welcomed its growth strategy. She also stressed that companies must follow regulatory policy and urged Ingentia to keep up high standards of corporate governance as it expands.

Eyesan said strong financial capacity and technical competence remain prerequisites for operators that want to take part in future licensing bid rounds. Companies, she said, must show they have the expertise, operating ability and financial strength to develop petroleum assets responsibly.

That condition matters for Ingentia’s plan. Getting from 5,000 to 30,000 barrels a day will probably take more than the existing asset can deliver, which would mean winning new acreage or acquiring producing fields. The company did not say how it intends to do either. Its statement also gave no figures for planned spending, and it did not name the asset it operates or give a timeline for the interim stages of the ramp-up.

The two sides also discussed developments in Nigeria’s upstream industry and the importance of adhering to regulatory policy for effective collaboration.

Looking Ahead

Ingentia said the visit reflects its aim to keep constructive relationships with regulators and other industry stakeholders as it works to become a leading indigenous energy company. With output now above 5,000 barrels a day, it says it will keep its focus on operational excellence and on creating value for the upstream sector.

The target is ambitious for a company of its size. Whether Ingentia gets the chance to chase it will depend partly on how the regulator weighs the track record Agbaroji pointed to against the financial and technical tests Eyesan laid out.