2024 Oil Bid: Sahara deepwater, 11 others get licences to unlock fresh investment
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued Petroleum Prospecting Licences (PPLs) to winners of the 2024 Licensing Round.
Companies that received licences include Boron Energy Limited, Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited, and Tulkan Energy E&P Company Limited.
Eight other firms also got licences.
NUPRC said the move is to attract new investment and speed up oil exploration in Nigeria.
The presentation ceremony, held on Wednesday on the sidelines of the Nigeria Oil and Gas (NOG) Energy Week 2026, covered 12 successful awardees across 19 petroleum prospecting licences spanning deep offshore, shallow water and continental shelf acreages.
Besides, the execution of the concession contracts provides the legal, fiscal and commercial framework for the licence holders under the Petroleum Industry Act (PIA) 2021, clearing the way for the formal issuance of the petroleum prospecting licences.
The development represents another milestone in Nigeria’s drive to attract fresh capital into the upstream petroleum sector, deepen exploration activities, expand hydrocarbon reserves and generate long-term economic value.
The broad mix of acreages awarded underscores the range of investment opportunities available across Nigeria’s upstream petroleum landscape.
The commission expects increased exploration activities, higher production potential and stronger investor confidence in Nigeria’s regulatory and investment environment.
