NUPRC issues 19 petroleum prospecting licences to winners of 2024 bid round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced the issuance of Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 Licensing Round after executing concession contracts covering 19 oil blocks.

The contracts were signed with 12 successful companies during a ceremony held on Wednesday on the sidelines of the Nigeria Oil and Gas (NOG) Energy Week 2026.

The licences span deep offshore, shallow water and continental shelf acreages and are expected to stimulate fresh investments in Nigeria’s upstream oil and gas industry.

Among the companies that received concession contracts and petroleum prospecting licences were Boron Energy Limited for PPL 2009, Energy Marketing and Supply Limited for PPL 269, Sahara Deepwater Resources Limited for PPLs 270 and 271, and Tulkan Energy E&P Company Limited for PPL 2008.

The commission said the execution of the concession contracts provides the legal, fiscal and commercial framework for the licence holders in line with the provisions of the Petroleum Industry Act (PIA) 2021.

It noted that the development marks another milestone in the implementation of reforms aimed at attracting investment into the country’s upstream petroleum sector.

According to the commission, the licences are expected to accelerate exploration activities, expand Nigeria’s hydrocarbon reserves, increase production capacity and create long-term value for the economy.

NUPRC also said the range of assets awarded reflects the investment opportunities available across Nigeria’s upstream industry and is expected to strengthen investor confidence in the country’s regulatory environment.

While some of the successful bidders completed the signing process during the ongoing NOG Energy Week, the commission said companies that were not represented at the event would execute their concession contracts on later dates to be agreed by both parties.