2024 Bid Round: NUPRC hands petroleum prospecting licences to 12 firms

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

The exercise, conducted on the sidelines of the Nigeria Oil and Gas (NOG) Energy Week 2026 on Wednesday in Abuja, covered 12 awardees across deep-offshore, shallow-water, and continental-shelf acreages.

The signing was presided over by the NUPRC chairman, Magnus Abe; the commission chief executive, Oritsemeyiwa Eyesan; the legal adviser and commission secretary, Olayemi Adeboyejo; and other commission officials.

Among the recipients were Boron Energy Limited, which received PPL 2009; Energy Marketing and Supply Limited, PPL 269; Sahara Deepwater Resources Limited, PPLs 270 and 271; and Tulkan Energy E&P Company Limited, PPL 2008.

The concession contracts establish the legal, fiscal and commercial framework governing the licence holders under the Petroleum Industry Act (PIA) 2021 and clear the way for the formal grant of the petroleum prospecting licences.

NUPRC said the exercise marked another milestone in efforts to attract fresh investment into the upstream petroleum industry, accelerate exploration activities, and increase the nation’s hydrocarbon reserves.

The commission added that the licences would support increased production, strengthen investors’ confidence, and create long-term value for the Nigerian economy.

It noted that the awarded assets reflected the broad investment opportunities available across Nigeria’s upstream petroleum sector.

Some of the successful companies completed the signing ceremony during the NOG Energy Week, while the remaining awardees would execute their concession contracts on mutually agreed dates.

(NAN)