Egbolom Field

Following a successful bid for the Egbolom field (PML66, formerly OML23) during the 2020 license bid round, the Federal Government of Nigeria awarded SunTrust Atlantic Energies Limited a participating interest in PPL 202, now PML66 upon successful licence to lease conversion in September 2025. PML66 is jointly held by SunTrust Atlantic and four others, with SunTrust Atlantic having the largest participating interest.

In 2022, further to the grant of PPL 202 (now PML66) and the directive of the Nigerian Upstream Petroleum Regulatory Commission, SunTrust Atlantic, together with its co-lessees, jointly incorporated a special purpose vehicle, Ingentia Energies Limited ("Ingentia"), to operate the Egbolom field. Ingentia is owned by all the lessees of PML66, with shareholding corresponding to their participating interests.

The Egbolom field, formerly situated in OML 23, was discovered in 1982. It is an onshore (swamp) field located in the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Field, operated by Shell.

The Egbolom field has an Estimated Ultimate Recoverable (2P) reserve of about 72 million barrels and STOIIP (2P) of 219.8 million barrels, with a reservoir depth of 762m. The Egbolom Discovery consists of two wells: Egbolom-1, a vertical well drilled in March 1982 to a total depth of 11,118 ft MD, and Egbolom-2, drilled in August 1986 approximately 2.1 km north-west of Egbolom-1 to a depth of 12,390 ft MD.

Full field development activities have commenced in earnest, with the re-entry operations of the Egbolom-2 well completed and a drilling campaign for additional wells ongoing. First oil from the Egbolom field was achieved in April 2024, with over 900,000bbls of crude oil produced to date. Based on its appreciable accredited reserves base, the Egbolom field is set to become a significant contributor to Nigeria's indigenous production target.