NUPRC Issues Petroleum Licenses to 2024 Bid Winners

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) issued petroleum prospecting licenses to 12 successful bidders as part of the 2024 licensing round. This event took place during a ceremony held in Abuja, coinciding with the Nigeria Oil and Gas Energy Week 2026, which concluded on Thursday.

The licenses cover 19 petroleum prospecting licenses across deep offshore, shallow water, and continental shelf acreage. Companies receiving these licenses include Energy Market Supply Limited (PPL 269), Tulkan Energy (PPL 2008), Boron Energy (PPL 2009), and Sahara Deepwater Resources (PPL 270 and 271), among others.

The issuance is governed by the Petroleum Industry Act (PIA) 2021, which establishes a legal, fiscal, and commercial framework for license holders. This milestone is significant for Nigeria's efforts to attract investment in the upstream petroleum industry, accelerate exploration activities, increase hydrocarbon reserves, and create long-term value for the nation's economy.

The licenses are expected to commence exploration activities immediately, boosting production capacity and strengthening investor confidence in the country's regulatory framework.