Platform Petroleum

What Platform Petroleum does

Platform Petroleum Limited is a privately held, indigenous Nigerian oil and gas company incorporated in 2001 and headquartered in Lagos. It operates across the full upstream-to-downstream value chain. Upstream activities centre on the operator-owned Egbaoma Field (PML 18, 60% WI; first oil December 2007), currently producing approximately 3,000 bopd and 30 Mscf/d of associated gas from a 10,000 bopd Flow Station, with three additional marginal fields (Kuri/PPL 222, Hely Creek/PPL 221, Benin Estuary/PPL 214) acquired in 2021-2022 via the PPJV TECH SPV and progressing toward first oil. Midstream operations are conducted through jointly-controlled entities: EGPCL (60% WI) compresses and supplies ~27 MMSCFD to the OB3 pipeline and ~3 MMSCFD to Power Gas; PNG Gas Limited operates the 30 MMSCFD (scalable to 60 MMSCFD) Egbaoma Gas Plant producing LPG, NGL, propane, and lean gas; and Ase River Transport (50% WI) owns a 48 km, 30,000 bopd-capacity crude evacuation pipeline serving four cluster operators (Midwestern Oil, Pillar Oil, Energia, Chorus Energy) plus Platform's own output. Downstream and non-E&P activities sit under wholly-owned Platform Consolidated Investments Ltd (PCIL) — Stage Oil (4 filling stations), Stage Leasing (89+ vehicle haulage fleet), and TopCom Property Development (GreyStone Tower, a 19-floor Grade A office building in Victoria Island, Lagos).

Revenue is generated through transaction-fee style B2B offtake agreements with named enterprise buyers (NGML, Power Gas, PNG Gas, crude offtakers via AGIP's Kwale LACT unit) under long-term GSPAs, plus pipeline tariff revenue from third-party cluster operators and downstream retail, haulage, and real estate income. Go-to-market is exclusively direct enterprise field sales anchored on JV partnerships (Newcross Petroleum 40% in Egbaoma; Shebah E&P/Maurel & Prom in Seplat; PNG Gas in gas plant; PPJV TECH in new acreage), acreage acquired via the 2002/03 and 2020 Marginal Field Bid Rounds, and infrastructure service contracts. Pricing is contract-negotiated with no public tiers. The company holds an active operating licence, achieved zero routine flaring and zero LTI, and reports 15.7 million free man hours with 99.9% Flow Station uptime.

Name

Platform Petroleum

Legal name

Platform Petroleum Limited

Website

https://platformpet.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Platform Petroleum is a privately held Nigerian indigenous oil and gas company operating across upstream production (Egbaoma, Kuri, Hely Creek, Benin Estuary fields), midstream gas processing and crude pipeline transportation (EGPCL, PNG Gas, Ase River Transport), and downstream retail, haulage, and real estate (Stage Oil, Stage Leasing, GreyStone Tower).

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (21112), Pipeline Transportation of Crude Oil (4861), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311), Pipe Lines (No Natural Gas) (4610), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

akta.pro secondary industries

Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Crude Oil Pump Stations & Mainline Facilities Operations (TLAGAAAH)

Keywords

• Upstream oil and gas
• Natural gas processing
• Crude oil transportation
• Midstream gas commercialization
• Indigenous energy production

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Oil & Gas Production & Sales: Platform Petroleum generates primary revenue from the production and sale of crude oil and condensate from its Egbaoma Field (operated at 60% WI), producing approximately 3,000 bopd and 30,000 Mscf/d of associated gas. Oil is evacuated via proprietary pipeline infrastructure and exported; gas is commercialized through LPG, CNG, and OB3 pipeline supply agreements.
2. Gas Processing & Sales (PNG Gas Limited): Revenue from processing wet gas into lean gas, NGL, LPG, and propane at the Egbaoma Gas Plant (30 MMSCFD capacity, scalable to 60 MMSCFD). PNG Gas holds 75% of the plant; Platform's interest is divested at 70% to PNG Gas Limited. Products sold to industrial offtakers via LPG and CNG channels.
3. Gas Pipeline Supply (EGPCL): EGPCL (Platform has 60% WI) supplies circa 27 MMSCF/D to the OB3 pipeline on average and ~3 MMSCF/D to Power Gas CNG facility. Revenue is derived from gas sales contracts with NGML (primary buyer) and other industrial customers.
4. Crude Oil Transportation (Ase River Transport): Ase River Transport Limited (Platform 50% WI) earns revenue by transporting crude oil produced from Egbaoma operations and other cluster members (Midwestern Oil, Pillar Oil, Energia Limited, Chorus Energy) via a 48km pipeline with 30,000 bopd crude evacuation capacity. Pipeline serves as critical infrastructure for four marginal fields.
5. Downstream & Retail (Stage Oil, Stage Leasing, Real Estate): Platform Consolidated Investments Ltd (PCIL) manages non-E&P ventures including Stage Oil (4 filling stations in Sapele, Owah Abbi-Delta State, Port Harcourt, and Oregun Lagos), Stage Leasing (89+ vehicle haulage fleet), and Topcom Property Development (GreyStone Tower luxury office building).

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Platform Petroleum is a Nigerian indigenous oil and gas company that explores, develops, and produces crude oil and natural gas from onshore, swamp, and shallow offshore assets. The company operates the Egbaoma Field at 60% WI (producing ~3,000 bopd and 30,000 Mscf/d), processes gas through EGPCL and PNG Gas Limited facilities, transports crude via its 48km Ase River Transport pipeline, and operates downstream fuel retail, haulage, and real estate ventures.

Product overview

Platform Petroleum Limited is a vertically integrated Nigerian indigenous oil and gas company operating across the entire value chain. The company operates upstream assets (PML 18 Egbaoma Field, PPL 222 Kuri Field, PPL 221 Hely Creek Field, PPL 214 Benin Estuary Field) and midstream operations (EGPCL gas processing, PNG Gas Limited, ASE River Transport pipeline). Through its subsidiary Platform Consolidated Investments Ltd (PCIL), the company also ventures into downstream operations including Stage Oil retail stations, Stage Leasing haulage services, and TopCom real estate development. The company produces approximately 3,000 bopd and 30,000 Mscf/d of gas from its Egbaoma field, with plans to increase production from its development-stage assets.

Differentiator

Problem solved

Functional benefit

Products and services

• PML 18 (Egbaoma Field) Egbaoma Field (formerly Asuokpu/Umutu) is Platform Petroleum's flagship upstream oil and gas asset operated with 60% working interest. The field has a 10,000 bopd Flow Station facility and produces approximately 3,000 bopd and 30,000 Mscf/d of associated gas. Field development is a JV with Newcross Petroleum Limited (40% WI).
• PPL 222 (Kuri Field) Kuri Field is a marginal field concession carved out following the 2020 Marginal Field Bid Round, located in swamp terrain of the Niger Delta Basin covering 78.56 km2. Platform operates the asset under farmout arrangement with Chevron as farmor.
• PPL 221 (Hely Creek Field) Hely Creek Field is a gas field designated asset in the North-eastern portion of block PML-49 of the Western Niger Delta, covering 29.75 km2 with 16 hydrocarbon intervals.
• PPL 214 (Benin Estuary Field) Benin Estuary Field is located in shallow offshore of the Benin River in less than 4-meter water depth, covering 19.6 km2.
• EGBAOMA GAS PROCESSING COMPANY LTD. (EGPCL) EGPCL is the midstream gas processing and commercialization entity established for the Egbaoma Gas Commercialisation Project following the Petroleum Industry Act 2021. Platform has a 60% working interest. The facility supplies circa 27 MMSCF/D to the OB3 pipeline (NGML) and 3 MMSCF/D to Power Gas CNG facility.
• PNG GAS LIMITED PNG Gas Limited operates the Egbaoma Gas Plant with 75% ownership after acquiring 70% from Platform. The plant has 30 MMSCFD capacity (scalable to 60 MMSCFD), processing wet gas into lean gas, NGL, LPG, and excess propane. Storage includes 9 LPG tanks (639MT), 5 propane tanks (320MT), and 2 NGL tanks (10,000 barrels).
• ASE RIVER TRANSPORT COMPANY LIMITED Ase River Transport Limited (ARTL) is a midstream operator responsible for transporting produced crude oil with a crude evacuation capacity of 30,000 bopd. The 48km evacuation line comprises 6"x32km from Umutu to GGF at Umusadege and 8"x16km from GGF to LACT unit at Agip facility in Kwale. Platform has 50% working interest.
• Stage Oil Stage Oil Limited is an energy company focused on retail, distribution, and storage of petroleum products across four filling stations in Sapele, Owah Abbi-Delta State, Port Harcourt-Rivers State, and Oregun, Lagos State.
• Stage Leasing Stage Leasing Limited specializes in providing haulage services and operating leases of vehicles and equipment with a fleet size of more than 89 vehicles in active field deployment across Sapele, Kwale, Umutu, Kano State, and Lagos State.
• TopCom Property Development (GreyStone Tower) TopCom Property Development Company specializes in design, construction, and development of luxury buildings. Its flagship project is GreyStone Tower, a Grade A luxury office building with over 19 floors and 5-level multi-story parking providing 187 parking bays, located at 7 Idowu Taylor Street, Victoria Island, Lagos.
• Pillar Oil and Gas Ltd Platform Petroleum holds a significant stake in Pillar Oil as part of its portfolio diversification strategy, leveraging synergies with established players in the oil and gas industry. Pillar Oil also uses Platform's Ase River Transport pipeline for crude evacuation.

Quantifiable outcome

• ~3,000 bopd and 30,000 Mscf/d current production from Egbaoma Field
• +7 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• Shebah E&P and Maurel & PromflagshipStrategic or Co-development Partner · 1 January 2010In 2010, Platform partnered with Shebah E&P and Maurel & Prom to establish Seplat Petroleum Development Company as a Special Purpose Vehicle for acquiring onshore assets during Shell SPDC's initial divestment — hailed as the foremost IOC-to-indigenous divestment in Nigeria. Seplat subsequently achieved dual listings on the Nigerian Stock Exchange and London Stock Exchange, becoming one of Africa's leading energy companies.
• Newcross Petroleum LimitedcoreStrategic or Co-development Partner · 1 January 2004Platform Petroleum (60% WI, operatorship) entered a Joint Venture Agreement with Newcross Petroleum Limited (40%) in 2004 following the award of the Egbaoma Field. The JV achieved First Oil on December 1, 2007. Newcross and Platform co-established EGPCL for gas commercialization under the Petroleum Industry Act 2021.
• AGIP (NAOC)coreTechnology or IntegrationPlatform's Egbaoma crude oil pipeline terminates at AGIP's lact (lease automatic custody transfer) unit in Kwale, Delta State, where crude is measured and transferred for export. This is a critical infrastructure partnership for Platform's crude evacuation.
• Chevron (Farmor)coreStrategic or Co-development PartnerFor the Kuri Field (PPL 222), NUPRC carved out the concession following the 2020 Marginal Field Bid Round. Chevron serves as the farmor, with Platform operating the asset under the farmout arrangement.
• Pillar Oil LimitedminorStrategic or Co-development PartnerPlatform Petroleum holds a significant stake in Pillar Oil, representing PPL's commitment to diversifying its portfolio and leveraging synergies with established players. Pillar Oil is also a user of Platform's Ase River Transport pipeline infrastructure for crude evacuation.
• PNG Gas LimitedcoreStrategic or Co-development PartnerPNG Gas Limited acquired 70% of the Egbaoma Gas Plant from Platform/Newcross JV in 2014; the plant was revamped and commissioned in 2016 with 30 MMSCFD capacity. PNG Gas operates the adjacent LPG facility processing shrinkage and fuel gas from EGPCL, with 9 LPG tanks (639MT) and 5 propane tanks (320MT).
• NGC / NGIC (Nigerian Gas Marketing Company / Nigerian Gas Infrastructure Company)coreTechnology or IntegrationEGPCL supplies ~27 MMSCF/D of gas to the OB3 pipeline, a 48-inch, 130km pipeline built and operated by NGIC (subsidiary of NNPC). The OB3 pipeline links gas reserves in the eastern Niger Delta to Nigeria's main demand centres, with capacity to deliver 2 BSCF/day.
• NUPRC (Nigerian Upstream Petroleum Regulatory Commission)coreStrategic or Co-development PartnerNUPRC carved out the Kuri Field concession (PPL 222) following the 2020 Marginal Field Bid Round. Platform acquired equity and operating interests in three marginal fields (Hely Creek, Kuri, Benin Estuary) through its SPV PPJV TECH between 2021-2022 under NUPRC regulatory oversight.
• Platform Petroleum JV Technical Limited (PPJV TECH)coreStrategic or Co-development PartnerPPJV TECH is a special purpose vehicle established by Platform Petroleum to acquire both equity and operating interests in three marginal fields (Hely Creek, Kuri, and Benin Estuary) between 2021 and 2022.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ND Western Limited: ND Western is an indigenous Nigerian E&P operator focused on the Niger Delta, producing oil and gas from onshore assets. It emerged from a similar marginal field / asset acquisition pathway and competes with Platform for both acreage and midstream infrastructure access.
• Shoreline Natural Resources Limited: Shoreline Natural Resources is an indigenous Nigerian upstream operator with onshore assets in the Niger Delta. It is part of the same cohort of indigenous marginal field and onshore asset operators as Platform and competes for marginal field bid round awards.
• Oando Energy Resources: Oando Energy Resources is an indigenous Nigerian upstream operator with both onshore and offshore assets and midstream interests. It is one of the largest indigenous oil and gas players in Nigeria with similar vertically-integrated ambitions and a comparable JSE/NSE-listed corporate structure.
• Pillar Oil Limited: Pillar Oil is an indigenous Nigerian E&P operator in which Platform holds a significant minority stake. Pillar also uses Platform's Ase River Transport pipeline for crude evacuation, making it both a portfolio investment and a direct operating peer within Platform's cluster.
• Waltersmith Petroman Oil Limited: Waltersmith is an indigenous Nigerian marginal field operator producing from the Ibigwe and Assa fields. Platform's COO Idowu Odumboni was previously General Manager Asset Development there (2020-2023), and Waltersmith operates in the same Niger Delta marginal field space as Platform.
• Midwestern Oil and Gas Limited: Midwestern is a marginal field operator in the same Niger Delta cluster as Platform's Egbaoma Field, and uses Platform's Ase River Transport pipeline for crude evacuation. Its operating model — marginal field production with shared infrastructure — directly mirrors Platform's structure.
• Seplat Energy Plc: Seplat is Nigeria's leading indigenous oil and gas producer, dual-listed on the LSE and NSE. It was co-founded in 2010 by Platform Petroleum, Shebah E&P and Maurel & Prom specifically to acquire SPDC divested onshore assets — making Seplat the most directly comparable indigenous E&P platform in Nigeria.
• First Exploration & Petroleum Development Co. (First E&P): First E&P is an indigenous Nigerian joint venture operating OML 83/85 in the Niger Delta with NNPC and other partners. It operates in the same upstream/marginal field space as Platform and competes for both marginal field bid awards and midstream infrastructure in the region.
• BelemaOil Producing Limited: BelemaOil is an indigenous Nigerian marginal field operator in the Niger Delta producing from OML 55. It operates in the same upstream/marginal field space and shares Platform's operator-led, indigenous-producer profile.

Broad incumbents

• Addax Petroleum (Sinopec subsidiary): Addax Petroleum was a major IOC-style operator in Nigeria (onshore and offshore) now operating as a subsidiary of Sinopec. While not an indigenous peer, it competes with Platform for acreage, midstream access, and offtake counterparties in the Niger Delta and provides a benchmark for IOC economics in the same basin.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/platform-petroleum-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Platform Petroleum