Economy
Ingentia Energies Targets 30,000 bpd Crude Output by 2030
By Adedapo Adesanya
Nigerian upstream petroleum operator, Ingentia Energies Limited, has unveiled an ambitious expansion plan to raise production to 30,000 barrels per day by 2030.
This came as the company met with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during a recent strategic engagement.
The NUPRC reaffirmed its commitment to strengthening indigenous participation in Nigeria’s oil and gas industry while insisting on strict regulatory compliance, corporate responsibility, and investment in human capital development.
Speaking with Mr Valentine Ugbeide, the chairman of Ingentia Energies Limited and his top management team at the commission’s headquarters in Abuja, Mrs Oritsemeyiwa Eyesan, the agency’s chief executive, emphasised that indigenous operators remain critical to the future growth, sustainability, and survival of Nigeria’s upstream petroleum sector.
Mrs Eyesan said indigenous companies have a major role to play in expanding production, deepening local participation, and driving long-term industry resilience, stressing that even modest production contributions from multiple indigenous operators could significantly boost national output.
According to her, “For the indigenous players, this is a major space. Little drops matter, and when you have many operators contributing consistently, the cumulative impact becomes substantial for national production.”
She commended Ingentia Energies’ leadership for demonstrating seriousness and strategic direction, noting that strong execution capacity, visionary boards, and management commitment are essential for indigenous firms seeking to scale successfully in Nigeria’s competitive oil and gas landscape.
The NUPRC boss, however, warned that growth must be matched with institutional strength, regulatory discipline, and operational structures capable of sustaining long-term industry participation.
She stressed that many indigenous firms often prioritise immediate production and market survival at the expense of building robust internal systems, technical competence, and sustainability structures previously embedded by international oil companies.
“Human capital development is no longer optional. Indigenous companies must deliberately invest in the right capabilities, systems, and structures to remain competitive and sustainable,” she said.
Mrs Eyesan called for stronger collaboration among indigenous operators, regulators, and industry stakeholders to enrich the sector’s resource base and build a more resilient local industry.
She further urged operators to uphold good corporate citizenship by meeting statutory obligations, including the payment of royalties, gas penalties, and other regulatory debts.
On his part, Mr Ugbeide, Ingentia Energies Chairman, in his response, unveiled an ambitious expansion plan to raise production to 30,000 barrels per day by 2030, as the company secured a facility from a Nigerian bank to deepen drilling, end gas flaring, and strengthen its position as a model for local participation in Nigeria’s oil and gas industry.
Mr Ugbeide said Ingentia’s journey from a challenging indigenous acquisition to a growing production company demonstrates that Nigerian firms can successfully operate strategic upstream assets when backed by the right regulatory support, technical competence, and collaborative governance structure.
Describing the company’s Egbolom field development as a template for indigenous operators, he said Ingentia had overcome formidable structural and financial barriers that were initially designed to frustrate local operators.
“Egbolom has become a role model that mirrors what indigenous companies can achieve despite obstacles. Our success should serve as a blueprint for other local firms,” he said.
He revealed that after demonstrating operational discipline and strong compliance performance, local financial institutions gained confidence in Ingentia’s business model, leading to the recent debt financing.
“We got debt funding from a local bank last week to continue our activities. They saw our performance and began pursuing us because of what we have achieved,” he said.
He added that Ingentia has maintained strong regulatory compliance, including consistent royalty payments and zero defaults on gas flare penalties, while currently flaring between 1.8 million and 3 million standard cubic feet of gas daily.
However, he announced that this would end before year-end as the company finalizes infrastructure with a Chinese technical partner to commercialise its gas resources and supply gas to on-site facilities.
“Before the end of this year, that gas will be fully utilised, and we will stop flaring completely,” he stated.
Mr Ugbeide also highlighted Ingentia’s significant infrastructure investments, including the Ogunokun operational base with jetty and mooring systems, alongside additional investments in drilling sites, accommodation, and logistics support structures.
From an initial workforce of just two staff members, he said the company has grown to over 100 direct and indirect employees, with plans for more aggressive recruitment as production scales from current levels toward 10,000 barrels per day and beyond.
He disclosed that Ingentia plans to drill a minimum of two wells annually, supported by fresh seismic campaigns targeting deeper reservoir opportunities.
“Our target is clear — by 2030, we want to be in the neighbourhood of 30,000 barrels per day,” he said.
By Dipo Olowookere
Panic sell-offs by investors have left the Nigerian Exchange (NGX) Limited losing weight very fast, as it further gave up 1.57 per cent on Monday.
Yesterday, only 17 equities ended on the advancers’ log, while 45 equities finished on the laggards’ chart, representing a negative market breadth index and weak investor sentiment.
All the major sectors of the bourse tasted defeat during the session, with the insurance counter down by 1.33 per cent. The banking space lost 1.22 per cent, the consumer goods index depreciated by 0.63 per cent, the industrial goods segment shed 0.39 per cent, and the energy sector tumbled by 0.06 per cent.
Consequently, the All-Share Index (ASI) stumbled by 3,682.70 points to 228,366.32 points from 232,049.02 points, and the market capitalisation slipped by N2.363 trillion to N146.542 trillion from N148.905 trillion.
Learn Africa lost 10.00 per cent to close at N9.00, MTN Nigeria also declined by 10.00 per cent to N747.00, Unilever Nigeria crashed by 10.00 per cent to N126.00, Austin Laz dropped 9.94 per cent to settle at N3.17, and Universal Insurance dipped by 9.90 per cent to quote at N28.12.
Conversely, Sovereign Trust Insurance gained 4.08 per cent to end at N2.04, Cornerstone Insurance chalked up 3.45 per cent to trade at N6.00, Neimeth appreciated by 3.03 per cent to N8.50, Livestock Feeds climbed by 1.92 per cent to N7.95, and C&I Leasing grew by 1.90 per cent to N5.35.
Business Post observed a surge in activity level on the first trading day of this week, with the trading volume, value, and number of deals up by 156.37 per cent, 137.50 per cent, and 38.50 per cent.
This was because market participants transacted 996.5 million stocks worth N43.7 billion in 61,813 deals on Monday compared with the 388.7 million stocks valued at N18.4 billion traded in 44,631 deals last Friday.
Ikeja Hotel exchanged 305.5 million shares for N13.2 billion, Access Holdings sold 289.9 million equities worth N6.6 billion, Dangote Sugar traded 29.4 million stocks valued at N1.9 billion, Chams transacted 22.0 million shares worth N87.9 million, and Zenith Bank traded 21.2 million equities for N2.4 billion.
By Adedapo Adesanya
Oil prices settled higher by more than 1 per cent on Monday after attacks by the United States and Iran underscored the fragility of their interim peace deal.
Brent crude futures gained $1.16 or 1.61 per cent to sell at $73.15 a barrel, while the US West Texas Intermediate (WTI) crude appreciated by $1.52 or 2.2 per cent to $70.75 per barrel.
The latest price movement appears to suggest that the market is concerned about a reduction in tanker traffic through the Strait of Hormuz following attacks on two commercial vessels on Thursday and Friday last week, and a further flare-up over the weekend.
The Thursday attack on the container ship Ever Lovely prompted some shipowners to pull back and wait for additional information about how safe transiting the Strait is. The US military on Friday carried out strikes on Iran in response to the attack on the vessel.
On Saturday, an Iranian attack on a Panama-flagged oil tanker, Kiku, while it was transiting the Strait of Hormuz, prompted additional strikes by the U.S. forces.
After the flare-up this weekend, the US and Iran appear to have agreed to cease attacks ahead of tentatively planned new talks this week.
Iranian and US technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, even after both sides carried out strikes over the weekend that threatened to derail the accord.
Iranian Deputy Foreign Minister Kazem Gharibabadi said Iranian and Omani experts will start talks on redefining transit paths through the Strait of Hormuz in the coming days, adding that his country will try to obstruct vessels outside of defined paths.
Analysts cautioned that traffic through the strait is far from being fully recovered, helping keep prices somewhat elevated as outbound Persian Gulf crude exports are quickly rebounding to at least 75 per cent of pre-war levels.
Middle East producers are pushing ahead with loading oil and Liquefied Natural Gas (LNG) despite fresh ship attacks in the Strait of Hormuz and renewed strikes between the US and Iran in recent days.
Saudi oil giant Aramco resumed crude oil loadings on Friday at its Ras Tanura terminal, west of the Strait of Hormuz, after they were halted for nearly four months. Loadings continued even after a helicopter belonging to the company crashed on Sunday at Ras Tanura, killing 14 nationals. The cause of the crash was unknown.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has intensified its nationwide sensitisation campaign on the implementation of the Green Tax Surcharge and related fiscal adjustments ahead of the policy’s commencement on July 1, 2026.
The service disclosed this in a statement published on its official X handle on Monday, saying the initiative is aimed at promoting environmental sustainability, reducing carbon emissions and encouraging the importation of cleaner vehicles into the country in line with global environmental standards.
According to the statement, the latest sensitisation programme was held at the Apapa Area Command on Friday, June 26, 2026, under the theme, “Implementation of the Green Tax Surcharge and Related Fiscal Adjustments.”
The event brought together customs officers, licensed customs agents, freight forwarders, importers and other key stakeholders to familiarise them with the new policy ahead of its implementation.
Representing the Comptroller-General of Customs, Mr Adewale Adeniyi, the Zonal Coordinator for Zone A, Mr Mohammed Babadende, said the exercise was organised to ensure stakeholders fully understand the policy and its implementation framework before it takes effect.
“This sensitisation is designed to ensure that every stakeholder clearly understands the policy before implementation. Our objective is to eliminate uncertainty, promote voluntary compliance and guarantee uniform application of the Green Tax Surcharge across all commands,” Mr Adeniyi said.
He stressed that effective stakeholder engagement would help ensure a seamless rollout of the policy while improving compliance across the country’s ports and border stations.
Delivering a technical presentation, the Comptroller in charge of Tariff, System Audit and Coordination, Mr Murtala Muazu, explained that the Green Tax Surcharge differs from conventional fiscal measures and would therefore require a separate assessment process.
Mr Muazu disclosed that the agency has introduced a simplified implementation mechanism through the Harmonised System (HS) Code declaration platform to facilitate accurate assessment and ease compliance by importers and clearing agents.
He further revealed that the federal government has simultaneously reviewed existing import charges on vehicles to cushion the effect of the new environmental levy.
According to him, import levies on vehicles have been reduced from 20 per cent to 10 per cent, while duties on used vehicles have been cut from 15 per cent to five per cent.
The customs said the reductions are intended to offset the impact of the Green Tax Surcharge while supporting legitimate trade and ensuring businesses are not unduly burdened by the new policy.
Area Controllers who attended the sensitisation programme urged importers, licensed customs agents and members of the public to support the initiative, noting that the reduction in import levies would lower the cost of doing business, facilitate legitimate trade and ultimately contribute to reducing transportation costs across the country.
Stakeholders at the event welcomed the initiative but called for sustained public awareness campaigns to ensure broader understanding, minimise confusion and encourage voluntary compliance as the rollout date approaches.
The Green Tax Surcharge is scheduled to take effect on July 1, 2026, as part of the federal government’s broader efforts to promote environmentally friendly transportation and align Nigeria’s import policies with global climate and sustainability objectives.
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