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
The Nigerian Exchange (NGX) Limited tumbled by 1.12 per cent on Wednesday as a result of selling pressure in three of the five key sectors of the bourse.
Yesterday, the insurance space rose by 0.71 per cent and the energy counter appreciated by 0.02 per cent. But these gains were erased by the three other sectors, with the consumer goods index down by 4.93 per cent, the industrial goods sector down by 0.42 per cent, and the banking segment down by 0.30 per cent.
Consequently, the All-Share Index (ASI) receded by 2,756.48 points to 243,967.09 points from 246,723.57 points, and the market capitalisation dropped by N1.762 trillion to close at N157.494 trillion compared with Tuesday’s N159.256 trillion.
The worst-performing stock for the day was BUA Foods, which lost 10.00 per cent to trade at N760.60. Unilever Nigeria shed 9.97 per cent to close at N131.40, John Holt depreciated by 9.90 per cent to N9.10, AVA Capital declined by 9.50 per cent to N8.10, and Austin Laz crashed by 8.81 per cent to N2.90.
The best-performing stock for the session was International Energy Insurance, which chalked up 10.00 per cent to quote at N4.40. Ecobank gained 9.93 per cent to settle at N71.40, Trans-Nationwide Express expanded by 9.77 per cent to N2.36, CWG grew by 9.74 per cent to N21.40, and Cornerstone Insurance improved by 6.80 per cent to N5.50.
Yesterday, 1.5 billion shares were sold for N20.9 billion in 39,085 deals compared with the 3.9 billion shares worth N32.4 billion exchanged in 45,608 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 61.54 per cent, 35.49 per cent, and 14.30 per cent, respectively.
On top of the activity chart was Fortis Global Insurance, with a turnover of 853.2 million units sold for N2.6 billion. Universal Insurance exchanged 251.8 million units worth N214.1 million, Chams transacted 40.0 million units valued at N181.0 million, First Holdco traded 28.3 million units worth N3.9 billion, and Access Holdings sold 25.4 million units valued at N702.4 million.
By Aduragbemi Omiyale
As part of the implementation of the T+1 settlement cycle in the Nigerian capital market, the Securities and Exchange Commission (SEC) has fixed 5:00 pm on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).
In a circular on Wednesday to capital market operators and other market participants, the capital market regulator noted that all transactions in the affected securities must be fully paid by 5:00 pm T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.
It warned that where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the CSCS Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.
The commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.
However, it said capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.
The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026.
The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement.
The SEC said the transition represents a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment, adding that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.
According to the agency, the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.
By Adedapo Adesanya
Oil prices slightly rose on Wednesday as attacks on ships in the Middle East continued and talks to end the Iran war hit an impasse.
Brent futures gained 7 cents to trade at $88.98 a barrel, while the US West Texas Intermediate (WTI) crude increased by 7 cents to $83.27 per barrel.
The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, two crucial export routes for Middle Eastern oil and gas in addition to the Suez Canal.
Reuters reported that there continued to be no discussions between Iran and the US to extend their ceasefire because, from Iran’s perspective, the deal had no start date and so there was nothing to extend.
Shipping data showed the number of vessels transiting the Strait of Hormuz fell to a one-week low of eight on Tuesday. Before the war, 125 to 140 vessels passed through the crucial waterway each day.
The US military, meanwhile, said an American Navy MH-60 helicopter fired two Hellfire missiles to disable the steering gear of a Panama-flagged cargo ship.
The ship ignored repeated warnings to stop violating a naval blockade on Iranian ports, the US Central Command said.
Forecasters including the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Administration (IEA) revised down their oil demand outlooks as US-Iran talks stall.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, it said in its monthly oil market report.
The International Energy Agency cut its 2026 demand projections and now expects a 1.6 million barrels per day contraction this year. However, the Paris-based agency is also predicting a 4.3 million barrels per day drop in supply this year, and an overall 2026 deficit of around 1.27 million barrels per day.
According to the IEA, Middle East oil flows briefly returned to pre-war levels in early July, with loadings reaching 20 million bpd, before falling to 12 million bpd later in the month. Middle East production remained 8.3 million barrels per day below pre-war levels in July.
The IEA cited the Hormuz shutdown, the US blockade of Iranian exports, attacks in the Bab el-Mandeb Strait and reduced Kazakh CPC Blend exports among the forces keeping global supply below demand.
