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ABUJA – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has executed concession contracts and begun issuing Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 Licensing Round, in a move aimed at unlocking new investments and accelerating exploration activities in Nigeria’s upstream oil and gas industry.
Companies that received their concession contracts and petroleum prospecting licences include Boron Energy Limited for PPL 2009, Energy Marketing and Supply Limited for PPL 269, Sahara Deepwater Resources Limited for PPLs 270 and 271, as well as Tulkan Energy E&P Company Limited for PPL 2008.
The presentation ceremony, held on Wednesday on the sidelines of the Nigeria Oil and Gas (NOG) Energy Week 2026, covered 12 successful awardees across 19 petroleum prospecting licences spanning deep offshore, shallow water and continental shelf acreages.
The execution of the concession contracts provides the legal, fiscal and commercial framework for the licence holders under the Petroleum Industry Act (PIA) 2021, clearing the way for the formal issuance of the petroleum prospecting licences.
The development represents another milestone in Nigeria’s drive to attract fresh capital into the upstream petroleum sector, deepen exploration activities, expand hydrocarbon reserves and generate long-term economic value.
The broad mix of acreages awarded underscores the range of investment opportunities available across Nigeria’s upstream petroleum landscape.
With the licences now being issued, the commission expects increased exploration activities, higher production potential and stronger investor confidence in Nigeria’s regulatory and investment environment.
While several successful bidders concluded the signing process during the ongoing NOG Energy Week, the commission said concession contracts for awardees that were not represented at the event would be executed on later dates to be agreed by both parties.
