The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally executed concession contracts and commenced the issuance of Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 Licensing Round, marking a major step towards unlocking fresh investments in Nigeria’s upstream oil and gas sector.

Among the companies that received their concession contracts and petroleum prospecting licences were 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.

The 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.

The execution of the concession contracts establishes the legal, fiscal and commercial framework governing the licence holders under the Petroleum Industry Act (PIA) 2021, paving the way for the formal grant of the petroleum prospecting licences.

The exercise can be described as another significant milestone in Nigeria’s efforts to attract investment into the upstream petroleum industry, accelerate exploration activities, increase hydrocarbon reserves and create long-term value for the nation’s economy.

The diverse portfolio of assets awarded reflects the wide range of investment opportunities available in Nigeria’s upstream sector.

The licences are expected to stimulate fresh exploration, boost production capacity and strengthen investors’ confidence in the country’s regulatory framework.

Some of the successful companies with executives attending the ongoing NOG Energy Week completed the signing ceremony at the event, while execution for awardees not represented would be conducted at later mutually agreed dates.