Company Overview
Our History
At the Marginal Field Bid exercise of 2002/2003, Platform Petroleum Limited was awarded the Asuokpu/Umutu Field. This Field was one of twelve such fields released by the Shell Joint Venture into a pool of 24 fields that were on offer. Following the execution of a Farmout Agreement between Platform and SPDC JV, payment of a signature bonus, and satisfaction of all other conditions precedent, the field was released to Platform on November 23, 2004. Platform immediately thereafter entered a Joint Venture Agreement with another Nigeria company, Newcross Petroleum Limited in 60/40 equity ratio with Platform retaining 60% and the operatorship of the asset. Between September and December 2005, Platform re-entered, tested, and completed two of the existing five Wells, following which a 10,000 barrels per day production facility, 2×10,000 barrels storage tanks and a crude delivery pipeline (6”x32 km and 8”x16 km) were installed. First Oil was achieved on December 01, 2007.
Our Niche
Unlocking value through seamless integration across the oil and gas value chain. Our focus spans through onshore, swamp and shallow offshore terrains.
Our Mission
To build and sustain the foremost Indigenous Petroleum Development Company in Nigeria through time-tested principles, best practices, and efficient resource management.
Core Values
Strategic Plan
- Maintain a Reserves/Production Ratio of not less than 15 years.
- Identify and Acquire New Medium to Long-term development Assets.
- Expand presence in the industry through strategic acquisitions and growth across the whole value chain.
- Efficient Development of Existing Marginal Field.
- Build a high-impact Natural Gas Business.
- Continuous Sustenance of Value to all Key Stakeholders.
Business Model
- Create and Capture Optimum Value in the Assets we operate.
- Grow Production and Reserve Base.
- Capture the full value of the Oil and Gas chain.
- Explore, Appraise, Develop, and Produce Crude Oil and Gas.