The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially granted Petroleum Prospecting Licences (PPLs) to 12 companies following the 2024 licensing round. This move, involving 19 total licences, aims to draw new capital into Nigeria’s upstream petroleum sector. The handover occurred at the Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, signaling the start of exploration across various offshore and shelf terrains.
Key recipients include Sahara Deepwater Resources Limited, Boron Energy Limited, Tulkan Energy E&P Company Limited, and Energy Marketing and Supply Limited. These contracts finalize the legal and fiscal requirements established by the Petroleum Industry Act of 2021, providing a solid foundation for future operations. NUPRC leadership noted that this initiative is designed to bolster production capacity and reinforce investor trust in the nation’s regulatory environment.
In a related development, ESSO Exploration and Production Nigeria Offshore East Limited revealed plans for a $300 million investment in the Usan Infill Project. This project is projected to yield 40,000 barrels of oil per day, potentially generating $1.2 billion in revenue over four years. Jagir Baxi, head of ESSO Nigeria, stated that this marks the firm’s return to deepwater drilling, with the project aiming for initial oil output in just six months.
NUPRC Chief Executive Oritsemeyiwa Eyesan lauded the project as a positive indicator for the industry, emphasizing that regulatory support helped resolve previous project delays. She stressed that continued investment is essential for meeting national production goals and increasing hydrocarbon reserves.
