The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) executed concession contracts and started to issue Petroleum Prospecting Licences (PPLs) to winners of the 2024 Licensing Round.
The commission presented the documents on Wednesday June 8, 2026, during the Nigeria Oil and Gas (NOG) Energy Week 2026.
This step opens the door for fresh investments and faster exploration in Nigeria’s upstream oil and gas sector.
Successful companies that received contracts and licences include Boron Energy Limited for PPL 2009, Energy Marketing and Supply Limited for PPL 269, Sahara Deepwater Resources Limited for PPLs 270 and 271, and Tulkan Energy E&P Company Limited for PPL 2008.
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The event covered 12 awardees across 19 petroleum prospecting licences. These blocks lie in deep offshore, shallow water and continental shelf areas.
Under the Petroleum Industry Act (PIA) 2021, the signed concession contracts create a clear legal, fiscal and commercial framework. This allows the formal issuance of the licences.
Officials described the development as a major milestone. It aims to attract new capital, expand hydrocarbon reserves, increase exploration activities and create long-term economic benefits for Nigeria.
The wide range of acreages on offer shows the many opportunities available across the country’s upstream landscape.
NUPRC expects the new licences to drive higher exploration efforts, raise production potential and strengthen investor confidence in Nigeria’s oil and gas sector.
While several bidders signed during the ongoing NOG Energy Week, the commission will schedule later dates for those not present at the event.
