Ardogreen Energy Limited has announced plans to secure a Petroleum Mining Lease for the Olua Field under Petroleum Prospecting Licence 203 by the end of the second quarter of 2025.
The company, along with its parent firms, Ardova Plc. and Petrodev Oil and Gas Limited, formalised a Risk Service Agreement with HSI Energies Limited to achieve this target.
Ardova Plc. is an indigenous player in the downstream oil and gas sector with over 450 stations across Nigeria, while Petrodev Oil and Gas Limited focuses on acquiring oil and gas assets. HSI Energies Limited is a fully integrated energy company with operations in petroleum exploration, refining, and field services across Nigeria and global markets.
In a statement made available to our correspondent by the energy firm on Sunday, it said the agreement involves drilling two wells—Olua-1 and Olua-2 and installing field processing and transportation facilities to facilitate the conversion of the prospecting licence into a mining lease.
As part of the deal, Ardova Plc. and Petrodev Oil and Gas Limited will assign a 20 per cent working interest in the Olua Field to HSI Energies through a farm-out arrangement, pending regulatory approvals.
Ardogreen Chairman, Abdulwasiu Sowami, described the agreement as a critical step in the company’s expansion.
He said, “The transaction is a significant milestone in the realisation of Ardogreen’s vision of becoming a full-fledged E&P operator.”
Ardogreen Vice-Chairman, Anthony Idigbe, noted that the deal aligns with national energy goals.
“The transaction supports President Tinubu’s one-million-barrel project to increase production by one million barrels,” Idigbe said.
HSI Energies’ Group Chief Executive Officer, Chikezie Nwosu, expressed optimism about the collaboration.
He said, “This agreement enables HSI to pursue its long-term strategy in the Nigerian energy sector.”
Ardogreen Energy Limited operates under a Joint Operating Agreement with Ardova Plc. and Petrodev Oil and Gas Limited, the license holders for the Olua Field.