As part of efforts to unlock fresh investments in Nigeria’s upstream oil and gas sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 licensing round.
The licences were presented during a ceremony held at the Nigeria Oil and Gas (NOG) Energy Week 2026, which concluded on Thursday in Abuja.
The issuance covered 12 successful awardees across 19 Petroleum Prospecting Licences covering deep offshore, shallow water and continental shelf acreages.
The companies that received concession contracts and Petroleum Prospecting Licences include Energy Marketing and Supply Limited for PPL 269, Tulkan Energy E&P Company Limited for PPL 2008, Boron Energy Limited for PPL 2009, and Sahara Deepwater Resources Limited for PPLs 270 and 271, among others.
The concession confirms the legal, fiscal and commercial framework governing the licence holders under the Petroleum Industry Act (PIA) 2021, paving the way for the formal grant of the Petroleum Prospecting Licences.
Industry observers said the development marks a significant milestone in Nigeria’s efforts to attract investment into the upstream petroleum industry, accelerate exploration activities, increase hydrocarbon reserves and create long-term value for the nation’s economy.
The licensees are expected to commence exploration activities immediately, boost production capacity and strengthen investors’ confidence in the country’s regulatory framework.
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