The Matrix Energy Exploration and Production Company Ltd. claims it will replicate its success in the downstream sector of the petroleum industry in its upstream operations.
Mr. Abdulkabir Aliu, the company’s Group Managing Director, confirmed this to the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Matrix Energy is one of 161 successful indigenous oil companies that have received Petroleum Prospecting Licences (PPLs) from the Nigerian Upstream Petroleum Regulatory Commission(NUPRC), according to NAN.
As part of the implementation of the Petroleum Industry Act (PIA), 2021, the NUPRC unveiled its first Petroleum Prospecting Licences (PPLs) on Tuesday and presented PPLs to the 2020 Marginal Fields Awardees.
The licenses, issued after the 2020 Marginal Oil Field Bid Round, were part of the government’s policy to encourage greater involvement and participation of Nigerians in the exploitation and development of the country’s oil and gas resources.
Matrix Energy and its partners were awarded two licenses in the Niger Delta region to explore and develop the Atamba oil field in Oil Mining Lease (OML) 42 and the Igbomotoru oil field in OML 33.
Aliu expressed confidence that the company, as one of the leading downstream companies with a nationwide network of petroleum product retail outlets, would use its downstream experience to add value to its current upstream operations.
He stated that the company was determined to fully capitalize on the opportunities presented by the award for the benefit of the country’s economy.
He stated that Matrix Energy, as one of the companies privileged to be awarded two upstream licenses, would do its best to bring value to the assets as soon as possible to spur economic growth.
“We recognize that the upstream industry is more difficult. However, we are also aware that there are numerous opportunities to contribute to the growth and development of the industry, in particular, and the country as a whole.
“As an oil-producing country, it is best for the operators to take advantage of the current rising price of crude oil on the international market by ensuring the country always meets its production quota.”
“We at Matrix Energy Group will do everything in our power to contribute significantly to the national oil and gas output and reserve aspirations, as well as the overall betterment of the country,” Aliu said.
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The CEO expressed satisfaction with the outcome of the entire bid process, beginning in 2020, saying the latest exercise was far superior to what happened in 2003 and demonstrated a high level of investor interest.
On the Signature Bonus, he stated that the government’s decision to select companies that not only have the financial capacity but also have distinguished themselves with their technical capacities in their respective industries, made all the difference.
He stated that the presentation of the prospecting license to the company marked the start of the journey to first oil.
“With three years given to licensees to complete prospecting exploration work before moving to mine and development, we will do our best to ensure we bring value to the license as soon as possible,” he said.
Speaking of challenges, he stated that after completing the bid process and obtaining the operating license, the company’s focus would shift to the field to deploy its expertise and competencies to reach the first oil.
While acknowledging the challenges that operators face in the Niger Delta region, Aliu stated that the company will rely on its wealth of experience gained as a downstream player in the region since 2010 to overcome obstacles.
He stated that the NUPRC’s readiness to assist operators in resolving any challenges they may face boosts the company’s confidence, particularly in dealing with challenges ahead.