The Nigerian government has concluded the 2024 oil licensing round, with winners announced during a commercial bid conference held in Lagos.
Key winners included SIFAX & RoyalGate Consortium, which secured PPL 300-DO, and OceanGate Engineering Oil and Gas Ltd, which won PPL 302-DO and PPL 3007. Homeland Integrated emerged as the winner of PPL 304-DO, while Hakilat Oil & Gas Consortium Ltd outbid NNPC Exploration and Production (E&P) to clinch PPL 305-DO. BISWAL Oil & Gas Ltd also defeated NNPC E&P, winning PPL 306-DO.
MRS Oil and Gas successfully outbid NNPC E&P for PPL 303-DO, and Petroli Energy Marketing and Supply Limited also received licensing for an additional block. Other winners included Sahara Deepwater Resources Ltd, which won PPL 270 and PPL 271, and Panout Oil & Gas, which outbid TotalEnergies and three other competitors to secure PPL 300/301 CS and PPL 3015.
TotalEnergies E&P won PPL 2000/2001, while BISWAL claimed PPL 2002 as the sole bidder. First E&P secured PPL 2003 and PPL 2006, and Deywayles International Limited was awarded PPL 2004. Applefield Oil & Gas received PPL 2005 and PPL 3017, and R28 Holdings Ltd emerged as the winner of PPL 2007 and PPL 3011. Other winners include Tulcan Energy E&P for PPL 2008 and PPL 3012, Broron Energy for PPL 2009, and Hakilat Oil & Gas for PPL 3016.
According to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the 2025 oil licensing round is already in the pipeline, with a focus on unexplored assets to boost oil production. Komolafe emphasized the NUPRC’s commitment to restoring investor confidence and aligning its operations with the Petroleum Industry Act (PIA).
He highlighted the Commission’s efforts to recover idle assets under the PIA’s “drill or drop” provisions and described the 2024 licensing round as a critical step towards sustainable growth and innovation in the energy sector.
The 2024 bid round, which commenced in May, included 12 oil blocks spanning deep offshore, shallow water, and onshore terrains, showcasing the NUPRC’s dedication to enhancing Nigeria’s upstream oil and gas industry.