By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally presented Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 oil licensing round, issuing 19 prospecting licences to 12 companies as part of efforts to attract fresh investment into Nigeria’s upstream petroleum sector.
The concession contracts and licences were presented during the ongoing Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, marking the commencement of exploration activities across deep offshore, shallow water and continental shelf acreages.
Among the beneficiaries are Boron Energy Limited (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 execution of the concession contracts establishes 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.
