25 Winners Announced In 2024 Oil Licensing Bid Round

Discover the winners of the 2024 oil licensing bid round announced by NUPRC. Learn about Nigeria’s strategic efforts to boost oil production and attract investment under the Petroleum Industry Act.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially announced 25 winners in the 2024 oil licensing bid round. This landmark event, held in Lagos, underscores Nigeria’s commitment to revitalizing its oil and gas sector under the Petroleum Industry Act (PIA).

Key Winners from the 2024 Bid Round

Prominent players emerged victorious in competitive bids across various categories:

Sifax and Royal Gate Consortium and Oceangate Engineering Oil and Gas Ltd. secured PPL 300-DO and PPL 302-DO, respectively.
MRS Oil and Gas Company Ltd. claimed victory in PPL 303-DO, edging out a tie with NNPC Exploration and Production Ltd.
Homeland Integrated Offshore Services Ltd. triumphed in PPL 304-DO, defeating Sifax and Royal Gate Consortium.
BISWAL Oil and Gas Ltd. outperformed NNPC E&P Ltd. to win the PPL 306-DO license.

Other winners included Petroli Energy Marketing and Supply Ltd. for PPL 269, Sahara Deepwater Resources Ltd. for PPL 270 and PPL 271, and TotalEnergies, which topped PPL 2000/2001 with 126 points, narrowly beating Star Deepwater Petroleum Ltd.

Additional Licenses Awarded

Licenses were also awarded to sole bidders in categories such as:

PPLs 2002–2006: Winners included BISWAL Oil and Gas, First E&P Development Company, Dewayles International Ltd., Applefield Oil and Gas Ltd., and more.
PPLs 3011–3017: Sole winners included R28 Holdings, Tulcan Energy, Panout Oil and Gas, and Hakilat Oil and Gas Consortium Ltd.

Future Licensing Rounds and Strategic Focus

The NUPRC Chief Executive, Mr. Gbenga Komolafe, revealed plans for the next oil licensing bid round in 2025. This initiative aims to capitalize on lessons learned from 2024 and prioritize:

Developing discovered but underutilized oil fields.
Reviving idle assets under the ‘drill or drop’ provision of the Petroleum Industry Act.
Expanding Nigeria’s natural gas sector to align with UN Sustainable Development Goals (SDGs).

Komolafe emphasized the regulator’s dedication to boosting investor confidence and optimizing Nigeria’s hydrocarbon resources.

Driving Industry Transformation

The annual licensing rounds, introduced by the NUPRC, aim to position Nigeria as a global leader in oil production. The Petroleum Industry Act’s provisions empower the commission to actively recover unused resources and reintroduce them for productive use through future bidding processes.

“This marks a new era for the oil and gas industry in Nigeria. Our commitment remains to grow, preserve, and optimize our hydrocarbon resources,” Komolafe stated.