The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially handed over Petroleum Prospecting Licences (PPLs) to successful participants in the 2024 oil licensing round, awarding 19 licences to 12 companies to encourage new investments in Nigeria’s upstream oil and gas industry.
The licences and concession agreements were presented during the ongoing Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, paving the way for exploration activities across deep offshore, shallow water and continental shelf oil blocks.
Among the companies that received licences are Boron Energy Limited, Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited and Tulkan Energy E&P Company Limited.
The signing of the concession agreements establishes the legal, commercial and fiscal framework under the Petroleum Industry Act (PIA) 2021, enabling the companies to commence petroleum exploration under the newly issued licences.
According to the NUPRC, the latest licensing exercise represents another important step in attracting investment into Nigeria’s upstream petroleum sector, promoting exploration activities, expanding hydrocarbon reserves and creating long-term economic benefits.
The commission noted that the awarded assets highlight the vast opportunities available within Nigeria’s oil and gas industry and are expected to increase exploration, strengthen production capacity and improve investor confidence in the country’s regulatory environment.
It added that companies that were unable to complete the signing process during the NOG Energy Week would finalise their concession agreements on mutually agreed dates.
In a related development, ESSO Exploration and Production Nigeria Offshore East Limited announced plans to invest over $300 million in the Usan Infill Project, further boosting confidence in Nigeria’s energy sector.
The investment is projected to increase Nigeria’s deepwater oil production by approximately 40,000 barrels per day while generating an estimated $1.2 billion in revenue over the next four years.
Headlinenews.newsSpeaking on the project, ESSO Nigeria Chairman and Managing Director, Jagir Baxi, said the initiative marks the company’s return to deepwater drilling after almost ten years and supports the Federal Government’s drive to increase crude oil production.
He explained that the project is designed as a short-cycle development, with first oil expected within about six months of offshore operations and peak production anticipated within 18 months.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, described the investment as a strong indication of growing investor confidence in Nigeria’s upstream petroleum industry, noting that it is ESSO’s first drilling campaign since 2016.
She stated that regulatory reforms introduced by the commission played a key role in reviving the long-delayed project and reaffirmed the agency’s commitment to maintaining an investment-friendly environment that encourages timely project execution, improves operational efficiency and attracts additional capital into the oil and gas sector.
Eyesan also stressed that continuous investment in both new and existing oil projects remains essential to achieving Nigeria’s production goals, increasing hydrocarbon reserves and enhancing government revenue.
