A company known as Ardogreen Energy Limited has revealed its intentions to obtain a Petroleum Mining Lease for the Olua Field under Petroleum Prospecting Licence 203 by the conclusion of the second quarter of 2025.
Working in collaboration with its parent companies, Ardova Plc. and Petrodev Oil and Gas Limited, Ardogreen Energy Limited has entered into a Risk Service Agreement with HSI Energies Limited to meet this objective.
Ardova Plc. is a local entity in the downstream oil and gas sector with a presence in over 450 stations throughout Nigeria, while Petrodev Oil and Gas Limited specializes in the acquisition of oil and gas assets. HSI Energies Limited is a fully integrated energy firm engaged in petroleum exploration, refining, and field services within Nigeria and international markets.
According to a statement released by the energy company, the agreement entails the drilling of two wells—Olua-1 and Olua-2, as well as the installation of field processing and transportation facilities to facilitate the conversion of the prospecting licence into a mining lease.
As part of the arrangement, Ardova Plc. and Petrodev Oil and Gas Limited will transfer a 20 per cent working interest in the Olua Field to HSI Energies through a farm-out agreement, subject to regulatory approvals.
Chairman of Ardogreen, Abdulwasiu Sowami, emphasized the significance of the agreement as a crucial step in the company’s growth.
He stated, “This transaction marks a major milestone in Ardogreen’s ambition to become a fully-fledged E&P operator.”
Vice-Chairman of Ardogreen, Anthony Idigbe, highlighted that the deal is in line with national energy objectives.
Idigbe mentioned, “This agreement supports President Tinubu’s one-million-barrel project geared towards increasing production by one million barrels.”
Chikezie Nwosu, Group Chief Executive Officer of HSI Energies, expressed confidence in the partnership.
He commented, “This agreement allows HSI to pursue its long-term strategy within 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.