Platform Petroleum, a pioneering indigenous oil and gas company, is setting its sights on a $1 billion investment to scale production and expand its footprint in Nigeria’s energy sector. With a goal of reaching 10,000 barrels per day (bpd) by 2025, the company is actively securing partnerships, investing in infrastructure, and leveraging strategic collaborations to solidify its place among the leading players in the industry.
Chairman of Platform Petroleum, Dumo Lulu-Briggs, shared insights into the company’s journey, challenges, and ambitious growth plans, highlighting how a combination of resilience, innovation, and strategic alliances has positioned Platform for sustained success.
How Dumo Lulu-Briggs Entered Oil & Gas: A Twist of Fate
Lulu-Briggs’ entry into the oil and gas industry was never part of his original plan. After earning a Law degree from Ahmadu Bello University and a Master’s from the University of London, he started his career in Lagos as a lawyer. He later ventured into politics and business in Port Harcourt. However, his father, High Chief O.B. Lulu-Briggs, had other plans for him.
His father insisted that he must join Moni Pulo Limited, the family’s oil business, despite Dumo’s reluctance. He initially resisted but eventually gave in to the pressure and agreed to work for Moni Pulo on one condition—he would not be assigned to any serious role so he could still focus on his own interests.
His father accepted this condition, but upon joining the company, he was shocked to find himself appointed as General Manager (GM). This unexpected responsibility forced him to learn the oil and gas business from scratch.
“I had no knowledge of the industry at the time, but I had to learn quickly,” he recalled. It was during this period that he became involved in key decisions, including negotiating contracts with foreign partners. This experience exposed him to the complexities of the oil business and led to his discovery of Austin Avuru, a renowned industry expert.
How Platform Petroleum Was Born
Through his interactions with Austin Avuru, Lulu-Briggs realized that many agreements with foreign partners were unfairly structured against indigenous companies. He saw an opportunity to build a company that would be run entirely by Nigerians, without reliance on foreign expertise.
He worked closely with Avuru and other industry veterans to establish Platform Petroleum, which became one of the first successful indigenous oil firms in Nigeria. The company started small but quickly proved its capabilities by being the first among its peers to bring its field into production in 2007.
Since then, Platform Petroleum has grown significantly, with the following achievements:
•Oil Production Growth: Increased from 2,000 bpd to over 3,000 bpd, extracting over 12.3 million barrels to date.
•Gas Production: Successfully produced 118 billion standard cubic feet (SCF) of gas from its asset.
•Field Expansion: Acquired three additional marginal fields, with a target of 10,000 bpd by 2025.
•Community Development: Platform has exceeded expectations in community spending, reinforcing its commitment to corporate social responsibility.
From the start, the company embraced a family-oriented culture, ensuring that employees, stakeholders, and host communities were all treated as part of a larger family.
The Game-Changing Partnership With NewCross
One of the biggest turning points in Platform Petroleum’s growth was its partnership with NewCross, which Lulu-Briggs describes as a game changer.
Through a 50/50 joint venture (JV) agreement, both companies co-developed critical infrastructure, including the 24-kilometer Ase River crude evacuation pipeline leading to the Brass Terminal. This not only benefited Platform but also generated revenue through tariff earnings from its cluster partners.
Beyond upstream operations, the partnership extended into midstream ventures, leading to the establishment of PNG Gas Limited, a leading Liquefied Petroleum Gas (LPG) producer in Nigeria. PNG Gas currently produces:
•30,000 tons of LPG annually
•30,000 million standard cubic feet of gas per year
The synergy between Platform and NewCross has helped both companies enhance efficiency and profitability while supporting Nigeria’s domestic gas expansion goals.
$1 Billion Investment Drive & Expansion Plans
Platform Petroleum is embarking on an ambitious investment drive, targeting $1 billion in funding to:
•Drill additional wells in its existing fields.
•Develop its newly acquired marginal fields.
•Upgrade its flow stations to increase production capacity.
•Achieve near-zero gas flaring in alignment with global sustainability goals.
The company is set to embark on a London roadshow in June 2024, where it will engage with equity partners, junior debt providers, and international banks to attract the necessary financing.
Despite missing out on the 2020 marginal field licensing round, Platform Petroleum remains a dominant player. The company has already funded and developed three additional fields, all set to begin production by 2025.
Diversification Beyond Oil: Real Estate, Logistics & Downstream Expansion
Understanding the volatility of the oil market, Platform Petroleum has actively diversified into other business sectors, including:
•Real Estate Development: Currently constructing a 19-storey tower in a prime location.
•Logistics & Leasing: Expanding into transportation and leasing services to support its energy operations.
•Downstream Operations: Establishing fuel service stations in Lagos, Warri, and Port Harcourt, with plans for further expansion.
•Refining Opportunities: Exploring investments in local refining to enhance Nigeria’s self-sufficiency in petroleum products.
Despite its relatively small size compared to major oil firms, Platform Petroleum has consistently demonstrated that an indigenous Nigerian company can achieve world-class efficiency and profitability through strategic investments and disciplined management.
Positioning Nigeria as a Global Energy Hub
Platform Petroleum played a key role at the 2024 Offshore Technology Conference (OTC) in Houston, aligning with PETAN (Petroleum Technology Association of Nigeria) to showcase Nigeria’s investment potential.
Lulu-Briggs emphasized that with international oil companies (IOCs) divesting from onshore assets, indigenous firms like Platform Petroleum have a unique opportunity to attract investors and drive national energy security.
While supporting net-zero gas flaring initiatives, he also stressed the importance of balancing sustainability with economic growth, ensuring that Nigeria remains a competitive energy hub.
Energy Security & the Future of Platform Petroleum
Looking ahead, Platform Petroleum is committed to:
•Achieving zero gas flaring by Q4 2024.
•Increasing production efficiency while maintaining low environmental impact.
•Expanding storage and processing capabilities to support 30 billion SCF of gas production.
•Securing new assets through future divestment rounds.
Lulu-Briggs remains optimistic about Nigeria’s energy sector, stating:
“Nigeria is a massive market, and we must think big. The government’s ambitious plans, like the Lagos-Calabar coastal line, reflect that mindset. Platform Petroleum is ready to seize every opportunity to contribute to national development.”
The company’s history with Seplat, where former MD Austin Avuru played a key role, serves as a blueprint for future success. Having helped build Seplat into a top-tier oil and gas player, Platform Petroleum now seeks to follow a similar trajectory, leveraging experience, expertise, and investment to scale operations.
With its strong foundation, strategic alliances, and ambitious growth plans, Platform Petroleum is on track to redefine the landscape of Nigeria’s indigenous oil and gas sector.
