Petrodev Oil and Gas Limited is proud to announce that one of its major subsidiary Ardogreen Energy Limited has signed a Risk Service Agreement (RSA) with HSI Energies Limited for the development of the Olua Field on PPL (Petroleum Prospecting Licence) 203 comprising of Olua-1 and Olua-2 wells. The development of the wells is expected to include installing field processing and transportation facilities to facilitate the conversion of PPL 203 into a Petroleum Mining Lease by the end of the second quarter of 2025.

Under the RSA, the license holders of the PPL 203, Petrodev Oil and Gas Limited and Ardova Plc, parent companies of Ardogreen are to assign a 20 per cent working interest in the Olua Field to HSI Energies Limited in a farm-out arrangement, subject of course to all regulatory approvals.

Chairman of Petrodev General Dr. Yakubu Gowon GCFR, in commenting on importance of this strategic partnership to our oil and gas industry stated that: “attaining this important milestone bears credence to many years of tireless efforts of an indigenous company like Petrodev”

Chief Don Ezeh, the Managing Director of Petrodev in recognizing the importance of this partnership to Petrodev noted that – “This RSA milestone further demonstrates the capacity of Nigerian entities and professionals to rise to the strategic technical and management challenges of the Oil and gas industry. We look forward to the future with optimism.”

Petrodev Oil and Gas Limited is a foremost indigenous Exploration and Production (E&P) company focused on the acquisition of oil and gas assets; whilst Ardova Plc is a leading indigenous player in the downstream oil, gas and integrated energy sector which has a network of over 450 stations spread across the six geopolitical zones of Nigeria.

HSI Energies Limited is a fully integrated energy company that produces, processes, transports, stores, and supplies oil and gas products in the Nigerian, West African and global markets.