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An indigenous oil and natural gas drilling company, Petron Drilling Fields Nigeria Limited, said the US$100 million (N16 billion) financing deal it secured from the United States’ Export Import Bank is being utilized for acquiring a land drilling rig to be used in launching its operations in the Nigerian oil and gas sector.

In a statement, Mr. Bonny Chukwuemeke Bonny, President/Chief Executive Officer, Petron Drilling, said the company is set to deploy its first 1,500 horsepower AC VFD Standard land drilling rig and is awaiting the approval of the Department of Petroleum Resources, DPR.

According to him, the project is at its completion stage, as its Chinese partners are currently in the country to provide the needed support to make the deployment a reality.

According to him, a significant step towards the realisation of Petron’s strategic ambition in the oil and gas drilling business began following the signing of a deal earlier this year, with the company’s American partners – Shaw Regional Transit LLC, USA.

The deal was to arrange a US$100 million finance package from the Export Import (Exim) Bank of the United States, to enable it acquire and operate its own fleet of drill rigs.

He said, “As an energy-oriented company, Petron will engage in contract drilling, drilling support services and drilling waste management service. The company aims to deliver cost-savings services to its customers through ongoing improvements and leadership in drilling efficiency and safety.“Our success will be based on our ability to develop and apply new ideas, technologies and processes that create a differentiated, high-quality service offering.”

He commended the Federal Government for taking this bold step of providing the Oil and Gas Local Content Act.“We are not myopic of the opportunities that are inherent in these various provisions, especially when it also states that all operators and promoters in the Nigerian oil and gas industry are required to give to Nigerians, especially those operating in the oil and gas producing communities, the first consideration when acquiring goods and services or employing personnel,” he noted.

Bonny further stated that the company has secured the commitment of its Chinese partner not just in the purchase of the rig, but also in providing active key persons to support Petron’s operations until Nigerians fully take control of the operation of the rigs.

Also speaking, Mrs. Gloria Ofila, General Manager, Administration/Corporate Services, Petron Drilling, explained that “One important advantage of this strategy of embedding manufacturers in our operation is to reduce downtime of the rig to the barest minimum, thereby improving operational processes and systems that will enable our clients increase productivity, reduce costs and enhance revenue generation activities.”

Petron is a Nigerian oil and natural gas drilling company with field office in oil-rich community of Umusadege in Kwale, Delta State, and administrative representations in Fairmont, North Carolina, and Little Ferry, New Jersey, USA. It is incorporated under the laws of the Federal Republic of Nigeria.


Information from Vanguard was used in this report.