Petralon Energy Targets 2,500bpd Output Boost with New Well Drilling at Dawes Island
In a move set to bolster Nigeria’s crude oil production, indigenous exploration and production firm Petralon Energy has announced a projected output increase of 2,500 barrels per day (bpd) following the successful drilling of a new well at the Dawes Island field.
The Dawes Island field, located under Petroleum Prospecting License (PPL) 259, is operated by Petralon 54 Limited, a subsidiary of Petralon Energy. The development marks a significant step in the company’s strategy to optimize offshore production and expand its footprint in Nigeria’s upstream oil and gas sector.
According to the company, the new well forms part of a broader $25 million investment initiative that spanned from 2014 to 2022. Petralon gained full operational control of PPL 259 after Nigeria’s landmark Petroleum Industry Act (PIA) came into effect in 2021 — a reform that allowed the company to consolidate ownership and accelerate field development.
“This milestone underscores the vital role of indigenous operators in driving Nigeria’s oil production and achieving energy security,” Petralon said in a statement.
Expanding Production Across Strategic Assets
Beyond PPL 259, Petralon holds non-operating interests in two of Nigeria’s most prolific deepwater blocks: Oil Mining Licenses (OMLs) 127 and 130. The company has equity in these assets through its stake in Prime Oil & Gas, which owns 8% of OML 127 and 16% of OML 130.
OML 127 is home to the high-output Agbami field, while OML 130 includes the Akpo, Egina, and Preowei fields. These combined assets deliver an average net production of 51,000 bpd to Petralon and contain significant 2P (proven and probable) reserves — 270 million barrels in OML 127 and 638 million barrels in OML 130.
Petralon has indicated that additional drilling campaigns are in the pipeline, signaling further production growth and strengthening its position as a major indigenous contributor to Nigeria’s oil sector.
Related Posts
Strengthening Regional Footprint Through M&A
Petralon has also deepened its involvement in Africa’s energy sector through a recent strategic acquisition. The company now holds a 4.24% indirect stake in the expanded Prime Oil & Gas, following a merger with Africa Oil Corp. The combined entity now possesses assets across Nigeria, Namibia, South Africa, and Equatorial Guinea.
The merger has not only broadened Petralon’s operational reach but also enhanced its financial resilience, positioning it to capitalize on emerging upstream opportunities across the continent.
As the Nigerian government continues to push for increased production and energy sector reforms under the Petroleum Industry Act, Petralon’s aggressive drilling and expansion strategy signals growing momentum among local players in shaping the future of oil and gas in Nigeria and beyond.
