Petralon 54 Limited, an indigenous oil exploration and production company, has announced it is on track to increase its crude oil production in Nigeria by 2,500 barrels per day (bpd), up from its current net reflective production of 3,089 barrels of oil per day equivalent.
This development follows the company’s resumption of drilling activities at the Dawes Island field in Rivers State, Nigeria.
Petralon 54 (a Nigerian subsidiary of Petralon African Exploration and Production Company) recently completed a new well at the Dawes field, located under Petroleum Prospecting License (PPL) 259.
The field is operated by Petralon, which has ramped up its upstream campaigns in recent years to unlock more value from its oil resources and offshore assets in Nigeria.
Petralon has invested a total of $25 million in drilling programs and development initiatives at the field between 2014 and 2022.
Incorporated in 2014, the company officially assumed 100% ownership of PPL 259 in 2022, following the passage of Nigeria’s Petroleum Industry Act in 2021.
This new policy has enabled many local and independent oil companies to acquire onshore and shallow-water assets previously operated by Big Oil.
Petralon’s operations in Nigeria beyond the Dawes field
Beyond PPL 259 and the Dawes Island field, Petralon also holds two non-operated interests in major licenses: Oil Mining License (OML) 127 and OML 130.
The company has a 16% stake in OML 130 and partial ownership in Prime Oil & Gas, which holds an 8% interest in OML 127. Both assets are located offshore Nigeria.
Following the successful completion of the Prime-Africa Oil merger deal in March 2025, Petralon’s stake in the newly formed entity — now known as Africa Oil — increased to 4.24%.
This transaction aligns with Petralon’s broader strategy to expand its footprint across the African continent.
The newly expanded entity now operates a diverse portfolio that includes deepwater assets in Nigeria, as well as ventures in Namibia, South Africa, and Equatorial Guinea.
Petralon’s output projections highlight the crucial role indigenous operators are playing in Nigeria’s upstream sector, steadily increasing their share of the country’s total oil production.
