Peak is an independent oil and gas exploration company incorporated in Nigeria in February 1992. Peak’s core focus is the acquisition, exploration, development and exploitation of petroleum resources (primarily crude oil and natural gas) within the Gulf of Guinea.
The company is the holder and Operator on Sole Risk basis of an Oil Mining Lease (OML 122) from the Nigerian Government. Peak Petroleum Industries Nigeria Limited (PEAK) is one of the independent Nigerian companies that were awarded Oil Prospecting License (OPL) in 1991 - 93 as part of the national petroleum indigenization programme of the upstream oil industry.
An OPL has a life span of 5 – 10 years while an Oil Mining Lease (OML) covers a period of 20 years which may be renewed at expiration. An OPL is converted to an OML if the operator has discovered or proved oil in commercial quantities, and is able to demonstrate that the OPL is capable of producing a minimum of 10,000 barrels per day of oil.
Peak is the holder and operator of a concession located 25-60 km offshore in water depths of 40-300 metres covering an area of 1,295 sq.km on the Western Niger Delta, east of Shell's giant Bonga Field in Nigeria. The concession was initially granted to Peak as an Oil Prospecting License (OPL 460) in 1993 under the Nigerian Government's Indigenous Program, which was put in place to encourage the development of an indigenous Nigerian upstream industry. Upon independent establishment of commerciality by Peak, the Oil Prospecting License was converted to an Oil Mining License (OML) in May 2001 with an initial term of 20 years.
Between 2005 and June 2007, a total of five (5) wells were drilled in the Bilabri field and these wells confirmed the presence of producible oil and gas reserves. Peak's current business activities are centered on fully developing OML 122 using this as a foundation for creating a viable, independent and integrated E&P company that can operate in any of the global hydrocarbon basins.
Our Vision is to be one of the World’s leading independent integrated Petroleum Exploration and Production Companies to the Glory of God.
Our mission is to offer the Best Quality Technical, Economic and Environment-friendly product at all times using the Best Professional People with the Best practice methods in the most valuable manner that sustains the Dignity of the Human Race, the Ecosystem and the Business Integrity of the Company, to the Glory of God.