NUPRC Awards New Oil Exploration Licences
Nigeria awards new Petroleum Prospecting Licences to successful bidders, aiming to attract investment and expand upstream oil and gas exploration.
Petroleum Prospecting Licences have been issued to successful bidders as Nigeria steps up efforts to attract fresh investment into its upstream oil and gas industry.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has presented Petroleum Prospecting Licences (PPLs) to companies that emerged successful in the 2024 licensing round. The presentation took place during the Nigeria Oil and Gas (NOG) Energy Week 2026, which ended on Thursday in Abuja.
The exercise covered 12 successful companies across 19 Petroleum Prospecting Licences, spanning deep offshore, shallow water and continental shelf acreages. Among the recipients were Energy Marketing and Supply Limited for PPL 269, Tulkan Energy E&P Company Limited for PPL 2008, Boron Energy Limited for PPL 2009, and Sahara Deepwater Resources Limited for PPLs 270 and 271, alongside other successful bidders.
The concession agreements establish the legal, fiscal and commercial framework guiding each licence holder under the Petroleum Industry Act (PIA) 2021. The move clears the way for the formal implementation of the Petroleum Prospecting Licences and provides greater certainty for companies investing in Nigeria’s upstream petroleum sector.
Industry experts described the development as an important step towards strengthening investor confidence and expanding exploration activities across the country. They believe the latest licensing round will help attract new capital, increase hydrocarbon reserves and support long-term economic growth.
The newly licensed companies are expected to begin exploration work without delay, helping to boost production capacity while reinforcing confidence in Nigeria’s regulatory environment. The issuance of the Petroleum Prospecting Licences also reflects the government’s continued commitment to creating a stable investment climate that encourages responsible resource development and sustainable growth in the oil and gas industry.
Do you think these Petroleum Prospecting Licences BY NUPRC will attract enough investment to accelerate growth in Nigeria’s upstream oil and gas sector?
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