The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded 19 Petroleum Prospecting Licences (PPLs) to 12 companies under the 2024 oil licensing round as part of efforts to attract fresh investment into Nigeria’s upstream petroleum sector.
The licences and concession contracts were presented during the Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, paving the way for exploration activities across deep offshore, shallow water, and continental shelf acreages.
Among the beneficiaries are Boron Energy Limited, Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited, and Tulkan Energy E&P Company Limited.
According to the NUPRC, the concession contracts establish the legal, fiscal, and commercial framework for the licence holders under the Petroleum Industry Act (PIA) 2021.
The Commission said the initiative is expected to stimulate exploration, boost crude oil production, increase hydrocarbon reserves, and strengthen investor confidence in Nigeria’s oil and gas sector.
The Commission also noted that companies unable to sign their concession agreements during the event would complete the process on mutually agreed dates.
Meanwhile, ESSO Exploration and Production Nigeria Offshore East Limited announced plans to invest more than $300 million in the Usan Infill Project, which is expected to increase Nigeria’s deepwater production by about 40,000 barrels of oil per day and generate an estimated $1.2 billion in revenue over the next four years.
The NUPRC described the investment as a strong vote of confidence in Nigeria’s upstream petroleum industry, adding that continued investment in new and existing oil assets will be crucial to achieving the country’s production targets, expanding reserves, and increasing government revenue.
