Nigeria has taken another major step toward revitalizing its oil and gas industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) officially handed over 19 Petroleum Prospecting Licences (PPLs) to 12 companies under the 2024 oil licensing round. The licences were presented during the Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, signaling the start of new exploration activities across deep offshore, shallow water and continental shelf regions. The move is expected to attract fresh investments and strengthen Nigeria’s position as one of Africa’s leading energy destinations.
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. By executing concession contracts under the Petroleum Industry Act (PIA) 2021, the successful bidders now have a clear legal and commercial framework to begin exploration activities. Industry stakeholders see the development as a crucial step toward unlocking untapped oil and gas resources while creating opportunities for economic growth and job creation.
According to the NUPRC, the newly awarded assets represent a wide range of investment opportunities that could significantly expand Nigeria’s hydrocarbon reserves and production capacity. The Commission believes the exercise will encourage greater participation from both local and international investors, while reinforcing confidence in the country’s regulatory environment. Companies that were unable to complete the signing process during the event are expected to finalize their agreements on mutually agreed dates.
In another boost for the sector, ESSO Exploration and Production Nigeria Offshore East Limited announced plans to invest more than $300 million in the Usan Infill Project. The investment is projected to add approximately 40,000 barrels of crude oil per day to Nigeria’s deepwater output and generate an estimated $1.2 billion in revenue over the next four years. ESSO’s Chairman and Managing Director, Jagir Baxi, described the project as a strategic return to deepwater drilling after nearly a decade, supporting the Federal Government’s ambition to increase crude oil production.
The development has been welcomed by industry regulators, who view it as a strong endorsement of Nigeria’s oil and gas reforms. NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, said the project demonstrates renewed investor confidence in the country’s upstream sector and highlights the impact of regulatory efforts aimed at removing bottlenecks and accelerating project delivery. She emphasized that continued investment in both new and existing assets will be essential for meeting production targets, growing reserves and increasing government revenue, as Nigeria seeks to maximize the value of its energy resources.
source: vanguard