Economy
2024 Bid Round: NUPRC hands oil prospecting licences to 12 firms
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally presented Petroleum Prospecting Licences (PPLs) to successful bidders in the 2024 oil licensing round, issuing 19 prospecting licences to 12 companies as part of efforts to attract fresh investment into Nigeria’s upstream petroleum sector.
The concession contracts and licences were presented during the ongoing Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, marking the commencement of exploration activities across deep offshore, shallow water and continental shelf acreages.
Among the beneficiaries are Boron Energy Limited (PPL 2009), Energy Marketing and Supply Limited (PPL 269), Sahara Deepwater Resources Limited (PPLs 270 and 271), and Tulkan Energy E&P Company Limited (PPL 2008).
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.
According to the Commission, the exercise marks another milestone in Nigeria’s efforts to unlock new investments in the upstream petroleum industry, accelerate exploration activities, increase hydrocarbon reserves and create long-term economic value.
NUPRC said the portfolio of assets awarded reflects the broad investment opportunities available in Nigeria’s upstream sector and is expected to stimulate exploration, boost production capacity and strengthen investor confidence in the country’s regulatory framework.
While some of the successful companies signed their concession contracts during the NOG Energy Week, the Commission said those not represented at the event would complete the process on mutually agreed dates.
Meanwhile, Nigeria recorded another significant investment commitment in the upstream sector as ESSO Exploration and Production Nigeria Offshore East Limited announced plans to invest more than $300 million in the Usan Infill Project.
The project is expected to add about 40,000 barrels of oil per day to Nigeria’s deepwater production and generate an estimated $1.2 billion in revenue over the next four years.
Speaking at the unveiling of the project, Chairman and Managing Director of ESSO Nigeria, Jagir Baxi, said the investment marks the company’s return to deepwater drilling after nearly a decade and aligns with the Federal Government’s objective of increasing crude oil production.
He said the project was designed as a short-cycle investment capable of delivering first oil within about six months of offshore execution, with peak production expected within 18 months.
Speaking on the development, NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, described the project as a strong vote of confidence in Nigeria’s upstream petroleum sector, noting that it represents ESSO’s first drilling campaign since 2016.
She said regulatory interventions by the Commission helped unlock the long-delayed project and reaffirmed NUPRC’s commitment to creating an investment-friendly environment that supports timely project delivery, improves operational efficiency and attracts fresh capital into the oil and gas industry.
Eyesan added that sustained investment in both new developments and existing producing assets would be critical to achieving Nigeria’s production targets, growing hydrocarbon reserves and boosting government revenue.
Economy
‘NDPC secures major court victory on data accountability’
The Nigeria Data Protection Commission (NDPC) has secured a legal victory confirming its authority to register data controllers and processors of major importance (DCPMIs).
In a judgment delivered by Justice Friday Ogazi of the Federal High Court, Lagos, in Emmanuel Harunna v. NDPC, the court dismissed a suit seeking to restrain the commission from registering point of sale (POS) agents and key data processors.
In a statement yesterday by the NDPC Head, Legal, Enforcement and Regulations, Babatunde Bamigboye, the court ruled that NDPC’s regulatory oversight strengthens data security and upholds citizens’ constitutional rights to privacy.
It further reaffirmed that the Nigeria Data Protection Act, 2023, overrides any conflicting laws concerning personal data handling.
Following the ruling, NDPC National Commissioner, Dr Vincent Olatunji, has ordered all unregistered major data controllers and processors to register forthwith or risk statutory penalties.
According to the court, “the Nigeria Data Protection Act was enacted to promote accountability, transparency and responsible data governance. Registration enables the respondent to identify entities engaged in significant data processing activities and monitor compliance.
“Far from undermining the constitutional right to privacy, the registration framework is one of the statutory mechanisms designed to safeguard that very right by subjecting data controllers and data processors to effective regulatory oversight.”
Among others, it noted that “There is every indication that the Guidance Notice is also aimed at protecting the privacy and security of data subjects, thus bringing the registration requirement of the Guidance Notice within the protective shield of section 45 of the 1999 Constitution.”
Meanwhile, to ensure full compliance with the judgment, the NDPC National Commissioner and Chief Executive Officer, Dr Vincent Olatunji, has directed all DCPMIs that are yet to register with the Commission to do so forthwith or face serious legal liabilities.
Economy
Cardoso, Okonjo-Iweala to lead Africa emerging markets forum
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum scheduled to hold in Abuja on July 29 and 30, 2026.
The two global economic leaders are expected to feature in a high-level fireside dialogue that will focus on how African economies can navigate growing global uncertainties, sustain reform efforts, deepen regional integration and unlock long-term growth opportunities.
Hosted by the Central Bank of Nigeria in partnership with the Emerging Markets Forum (EMF) and the Centre for the Study of the Economies of Africa (CSEA), the forum will bring together senior policymakers, central bankers, ministers, economists, development partners and private-sector leaders from across Africa and beyond.
The event, which will take place at the CBN Headquarters in Abuja, is themed “Building Resilience Amidst Geoeconomic Uncertainties.”
Organisers said discussions will centre on practical policy responses to an increasingly fragmented and unpredictable global economic landscape.
The forum will also feature keynote addresses from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, highlighting the role of coordinated fiscal, monetary and innovation policies in driving Africa’s economic transformation.
Other notable participants expected at the gathering include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; and Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University.
Over the two-day event, participants will examine issues shaping the future of emerging economies, including macroeconomic stability, regional integration, cross-border payments, financial technology, infrastructure development, foreign direct investment, technology transfer and artificial intelligence.
Deliberations will also focus on food price volatility, inflation management and the effectiveness of monetary policy transmission in fragile and post-crisis economies.
According to the organisers, the forum is designed to encourage open dialogue on strategic economic challenges facing emerging markets while identifying practical and adaptable policy solutions.
They noted that the event reflects the commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, promoting evidence-based policymaking and advancing innovative approaches that support sustainable and inclusive economic growth across Africa.
Economy
Again, NNPCL Increases Fuel Price For Second Time In Two Days
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS at its retail outlets for the second time in less than two days.
A market survey by DAILY POST showed that NNPCL raised its petrol price to N1,335 per litre on Wednesday from N1,270 per litre on Tuesday.
This means that the state-owned filling station increased its fuel price by N65 per litre.
The new price has been implemented at NNPCL filling stations in Wuse Zone 6 (Berger), Zone 4, and other outlets in Abuja and its environs.
Recall that on Tuesday, NNPCL increased its petrol pump price by N115 per litre to N1,270 per litre.
The latest increase comes amid continued petrol price volatility in the country’s downstream oil sector following Dangote Refinery’s resumption of the sale of refined petroleum products in U.S. dollars.
DAILY POST reports that crude oil prices rose by nearly 4 percent on Wednesday as airstrikes intensified in the Middle East.
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