The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally issued Petroleum Prospecting Licences (PPLs) to successful bidders in Nigeria’s 2024 oil licensing round, completing another phase of the country’s efforts to stimulate investment in the upstream petroleum sector.
The licences were presented on Wednesday during the ongoing Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, following the execution of concession contracts that establish the legal, fiscal and commercial framework governing the licence holders under the Petroleum Industry Act (PIA) 2021.
A total of 12 companies received 19 Petroleum Prospecting Licences covering deep offshore, shallow water and continental shelf acreages.
Among the recipients are Broron Energy Limited, Petroli Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited, and Tulkan Energy E&P Company Limited, alongside eight other successful bidders. Sahara Deepwater Resources secured two prospecting licences, while the other named companies received one licence each.
The issuance of the licences follows the completion of concession agreements required under the Petroleum Industry Act, enabling the companies to commence petroleum prospecting activities in their respective acreages.
According to the commission, the exercise is intended to accelerate exploration activities, attract fresh capital into Nigeria’s upstream industry and support efforts to expand the country’s hydrocarbon resource base. The regulator also said the licensing process is designed to strengthen investor confidence by providing greater regulatory certainty under the PIA framework.
The awarded acreages span multiple geological terrains, including deep offshore, shallow water and continental shelf assets, reflecting the government’s continued strategy of broadening exploration opportunities across Nigeria’s petroleum basins.
Industry observers say the formal issuance of the licences represents a significant post-award milestone, allowing successful bidders to proceed with exploration planning, geological studies and investment decisions required before commercial development.
The licence presentation took place during the 25th Nigeria Oil and Gas (NOG) Energy Week, held in Abuja from 5–9 July 2026, which has brought together policymakers, regulators, international oil companies, indigenous operators, investors and service providers to discuss investment opportunities and the future of Nigeria’s energy industry.
The latest licence awards come as the NUPRC continues to implement competitive licensing rounds under the Petroleum Industry Act, with the commission also preparing for subsequent bid rounds aimed at sustaining exploration activity and attracting additional domestic and international investment into Nigeria’s upstream petroleum sector
