Ardogreen Energy Limited has announced plans to obtain a Petroleum Mining Lease (PML) for the Olua Field under Petroleum Prospecting Licence 203 by mid-2025. This move will support the company’s growth in Nigeria’s oil and gas industry.
Ardogreen, along with its parent companies Ardova Plc and Petrodev Oil and Gas Limited, signed a Risk Service Agreement with HSI Energies Limited to make this project possible.
The agreement includes drilling two wells, named Olua-1 and Olua-2, and building facilities for processing and transporting oil from the field. Under this deal, HSI Energies will acquire a 20% working interest in the Olua Field through a farm-out agreement, pending regulatory approval.
Abdulwasiu Sowami, Chairman of Ardogreen, called the deal a major step toward the company’s goal of becoming a full exploration and production operator. Vice Chairman Anthony Idigbe highlighted that the project aligns with national energy goals, including President Bola Tinubu’s plan to boost Nigeria’s oil production by one million barrels per day.
Chikezie Nwosu, CEO of HSI Energies, expressed optimism about the partnership, emphasising its potential to contribute to Nigeria’s energy development.
This agreement represents a significant milestone for Ardogreen and its partners as they work to advance local oil production and infrastructure development in Nigeria.