Home News Exploration: We’re in business to improve upstream activities – Matrix Energy

Exploration: We’re in business to improve upstream activities – Matrix Energy

by Business News Report

The Matrix Energy Exploration and Production Company Ltd., says it will replicate its positive performance in the downstream sector of the petroleum industry in its operations upstream. Mr Abdulkabir Aliu, the Group Managing Director of the company made this known to News  men in Abuja. Matrix Energy is one of the 161 successful indigenous oil companies that received the Petroleum Prospecting Licences (PPLs) from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The NUPRC on Tuesday unveiled its maiden Petroleum Prospecting Licences (PPLs) and presented PPLs to the 2020 Marginal Fields Awardees as part of the implementation of Petroleum Industry Act (PIA), 2021. The licenses, which were issued at the end of the 2020 Marginal Oil Field Bid Round was part of government’s policy to encourage more involvement and participation of Nigerians in the exploitation and development of the country’s oil and gas resources.

Matrix Energy, along with its partners were awarded two licenses to explore and develop the Atamba oil field located in Oil Mining Lease (OML) 42 and Igbomotoru oil field in OML 33 in the Niger Delta region. Aliu expressed optimism that the company being one of the leading downstream companies, with a network of petroleum products retail outlets nationwide would deploy its downstream experience to add value to current upstream operations. He said the company was determined to take full advantage of the opportunities the award would offer to the betterment of the country’s economy. He said with Matrix Energy as one of the companies that was privileged to be awarded two of the licenses to operate in the upstream, it would do its best to bring value to the assets as soon as possible to spur economic growth.

“We are aware that the upstream industry is more challenging. But we are also aware that there are a lot of opportunities to contribute to the growth and development of the industry, in particular and the country in general. As an oil producing country, it is best for the operators to ensure they take advantage of the current rising price of crude oil at the international market by ensuring the country meets its production quota at all times. For us in Matrix Energy Group, we will do our best to ensure we contribute significantly to the national oil and gas output and reserve aspirations as well as the overall betterment of the country,” Aliu said. The CEO expressed satisfaction with the outcome of the entire bid process right from its beginning in 2020, saying the latest exercise was much better than what happened in 2003 and showed the high level of interest among investors.

On Signature Bonus, he said the decision by the government to select companies that not only have the financial capacity, but also those that have distinguished themselves with their technical capacities in their respective industries, made all the difference. He said the presentation of the company with the prospecting license marked the beginning of the journey to first oil. “With three years given to the licensees to complete exploration work on the prospecting side of the license before going to mining and development, we will do our best to ensure we bring value to the license as soon as possible,” he said. Speaking on challenges, he said having gone through the first stage of completing the bid process and collecting the operating license, its focus would shift to the field to deploy its expertise and competences to get to first oil.

Aliu, while acknowledging the challenges operators face in the Niger Delta region, he said it would rely on the company’s wealth of experience garnered since 2010 as a downstream player in the region to surmount challenges. He said the readiness of the NUPRC to support the operators in resolving any challenges they may encounter, also boost the confidence of the company, especially in handling challenges ahead. (NAN)

Related Posts