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

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally presented Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 oil licensing round. Nineteen prospecting licenses have been issued to 12 companies, a move designed to attract fresh investment into Nigeria’s upstream petroleum sector. These concession contracts and licenses were presented during the ongoing Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, signaling the start of exploration activities across deep offshore, shallow water, and continental shelf acreages.

“

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.

Among the companies receiving licenses are Boron Energy Limited, Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited, and Tulkan Energy E&P Company Limited. The execution of these concession contracts establishes the legal, fiscal, and commercial framework for the license holders under the Petroleum Industry Act (PIA) 2021, paving the way for the formal granting of the licenses. The NUPRC stated that this exercise represents another significant milestone in Nigeria's efforts to unlock new investments, accelerate exploration, increase hydrocarbon reserves, and generate long-term economic value.

The commission highlighted that the portfolio of assets awarded reflects the diverse investment opportunities within Nigeria's upstream sector. These are expected to stimulate exploration, boost production capacity, and reinforce investor confidence in the nation's regulatory framework. While some successful companies signed their concession contracts during the NOG Energy Week, those not present will finalize the process on mutually agreed dates.

“

This 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.

In parallel, Nigeria has seen another substantial investment commitment in its upstream sector. ESSO Exploration and Production Nigeria Offshore East Limited announced plans to invest over $300 million in the Usan Infill Project. This project is anticipated to add approximately 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. Jagir Baxi, Chairman and Managing Director of ESSO Nigeria, stated that this investment marks the company's return to deepwater drilling after nearly a decade and aligns with the Federal Government's goal of increasing crude oil production. The project is designed for rapid deployment, with first oil expected within about six months of offshore execution and peak production within 18 months.

“

Regulatory interventions by the Commission helped unlock the long-delayed project and reaffirmed [confidence in Nigeria's upstream petroleum sector].