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

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By Obas Esiedesa, Abuja

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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.

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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.

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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).

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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.

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According to the Commission, the exercise marks another milestone in Nigeria’s efforts to unlock new investments in the upstream petroleum industry, accelerate exploration activities, increase hydrocarbon reserves and create long-term economic value.

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NUPRC said the portfolio of assets awarded reflects the broad investment opportunities available in Nigeria’s upstream sector and is expected to stimulate exploration, boost production capacity and strengthen investor confidence in the country’s regulatory framework.

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While some of the successful companies signed their concession contracts during the NOG Energy Week, the Commission said those not represented at the event would complete the process on mutually agreed dates.

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Meanwhile, Nigeria recorded another significant investment commitment in the upstream sector as ESSO Exploration and Production Nigeria Offshore East Limited announced plans to invest more than $300 million in the Usan Infill Project.

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The project is expected to add about 40,000 barrels of oil per day to Nigeria’s deepwater production and generate an estimated $1.2 billion in revenue over the next four years.

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Speaking at the unveiling of the project, Chairman and Managing Director of ESSO Nigeria, Jagir Baxi, said the investment marks the company’s return to deepwater drilling after nearly a decade and aligns with the Federal Government’s objective of increasing crude oil production.

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He said the project was designed as a short-cycle investment capable of delivering first oil within about six months of offshore execution, with peak production expected within 18 months.

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Speaking on the development, NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, described the project as a strong vote of confidence in Nigeria’s upstream petroleum sector, noting that it represents ESSO’s first drilling campaign since 2016.

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She said regulatory interventions by the Commission helped unlock the long-delayed project and reaffirmed NUPRC’s commitment to creating an investment-friendly environment that supports timely project delivery, improves operational efficiency and attracts fresh capital into the oil and gas industry.

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Eyesan added that sustained investment in both new developments and existing producing assets would be critical to achieving Nigeria’s production targets, growing hydrocarbon reserves and boosting government revenue.

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