ABUJA – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced the issuance of 19 Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 Licensing Round, following the execution of concession contracts with the awardees.
The contracts were signed on the sidelines of the Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, covering 12 companies awarded acreages across deep offshore, shallow water and continental shelf locations.
The signing ceremony was led by the Chairman of the NUPRC Governing Board, Senator Magnus Abe, alongside the Commission Chief Executive, Oritsemeyiwa Eyesan, the Legal Adviser and Commission Secretary, Olayemi Adeboyejo, and other senior officials of the commission.
Among the beneficiaries are Boron Energy Limited, which received Petroleum Prospecting Licence (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.
According to the commission, the concession contracts provide the legal, fiscal and commercial framework guiding the licence holders in line with the provisions of the Petroleum Industry Act (PIA), 2021, paving the way for the formal grant of the petroleum prospecting licences.
NUPRC said the exercise represents another milestone in its drive to attract fresh investments into Nigeria's upstream petroleum sector, accelerate exploration activities and boost the country's hydrocarbon reserves.
The commission noted that the newly issued licences are expected to support increased oil and gas production, strengthen investor confidence and create long-term economic value for the country.
It added that the awarded assets reflect the wide range of investment opportunities available across Nigeria's upstream petroleum industry.
While some of the successful bidders completed the signing of their concession contracts during the NOG Energy Week, the commission said the remaining awardees would execute their agreements on dates to be agreed by both parties.
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