Key Points:
- Dumo Lulu-Briggs seeks $1 billion to raise Nigeria’s oil output through Platform Petroleum.
- Platform Petroleum aims for 10,000 barrels of oil and 50 billion cubic feet of gas daily by 2025.
- Platform Petroleum leverages collaboration and renegotiated agreements to achieve success in the oil sector.
Nigerian oil mogul Dumo Lulu-Briggs is looking to invest as much as $1 billion to increase Nigeria’s oil output. His company, Platform Petroleum, a leading indigenous oil and gas firm, has unveiled plans to produce 10,000 barrels of oil and 50 billion cubic feet of gas daily by 2025.
This ambitious plan relies on bringing three marginal fields online within the next year. Lulu-Briggs unveiled the strategy at the recent Offshore Technology Conference (OTC) in Houston. He added that Platform Petroleum will conduct a roadshow in London this June to secure the necessary funding.
The roadshow will focus on the company’s operational efficiency, upgraded flow stations, and its commitment to environmental responsibility. Platform Petroleum boasts a near-zero gas flaring rate and aims for complete elimination by the fourth quarter of 2024.
Strategic partnerships propel Platform Petroleum’s growth
Platform Petroleum, a joint venture with Newcross Petroleum Limited established in the 2004 marginal field bid round, operates the Egbaoma field (OML 38) in Delta State. They hold the distinction of being the first company in their block to bring their field online, demonstrating a remarkable rise from the smallest player in 2004 to a significant producer today.
Through ongoing optimization efforts under the leadership of Dumo Lulu-Briggs, production has steadily grown from 2,000 barrels of oil per day (bpd) to over 3,000 bpd, with a cumulative output exceeding 12.3 million barrels and 118 billion standard cubic feet (scf) of gas to date.
Emphasizing the importance of collaboration, Lulu-Briggs underscores the role of strategic partnerships and renegotiated agreements in Platform Petroleum’s success story. “Strategic partnerships and renegotiated agreements have been crucial to our success,” he said. “We began with minimal resources but secured funding through innovative financial strategies. By 2007, we commenced oil production, achieving significant success from our small field.”
Platform Petroleum’s Briggs steers growth with ambitious expansion plans
A seasoned legal professional with six years of private practice under his belt, Lulu-Briggs has been instrumental in Platform Petroleum’s growth since its inception. His leadership, honed at Moni Pulo Limited and DLB Concerns Ltd, reflects a deep commitment to propelling Nigeria’s oil sector forward.
Under Lulu-Briggs’ leadership, Platform Petroleum is setting its sights beyond the Egbaoma field. The company has set an ambitious target of 10,000 barrels per day (bpd) by 2025, to be achieved by bringing three additional marginal fields online. This expansion will also see gas production rise to at least 50 billion standard cubic feet (scf) per day.