JUST IN: 2024 Bid Round: NUPRC Awards 19 Oil Prospecting Licences To 12 Winners

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally executed concession contracts for 19 Petroleum Prospecting Licences (PPLs) awarded to 12 successful companies under the 2024 marginal field and bid round licensing exercise.

The signing ceremony held on the sidelines of the 2026 Nigeria Oil and Gas (NOG) Energy Week in Abuja, on Wednesday, was presiding over by the NUPRC chairman, Senator Magnus Abe, chief executive, Oritsemeyiwa Eyesan, legal adviser and commission secretary, Olayemi Adeboyejo, alongside other Commission officials.

Speaking at the event, NUPRC described the exercise as another milestone in Nigeria’s drive to boost investment in the upstream petroleum sector, accelerate exploration activities, expand the country’s reserve base, and create long-term value for the economy.

The Commission said the 19 licences cover a balanced portfolio of deep offshore, shallow water, and continental shelf acreages, reflecting the range of opportunities offered under the licensing round.

According to NUPRC, the execution of the concession contracts establishes the contractual framework governing the fiscal and commercial obligations of the licence holders under the Petroleum Industry Act (PIA) 2021, and paves the way for the formal grant of the respective PPLs.

The Commission noted that some of the successful companies had senior executives on ground at the NOG Energy Week, allowing it to take advantage of the gathering to execute their documents on the spot. Companies whose representatives were not present, it said, would have their signing ceremonies scheduled at later, mutually convenient dates.

Among the companies that signed on stage were Broron Energy Energy Marketing and Supply Limited, awarded PPL 269; Sahara Deepwater Resources Limited, awarded PPL 270 and PPL 271; and Tulkan Energy E&P Company Limited, awarded PPL 2008.

NUPRC said further execution ceremonies for the remaining awardees in the 2024 bid round would be held in subsequent sessions.