The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, has declared that Africa — with Nigeria at the forefront — is the continent best positioned to bridge a widening gap in global oil supply, as production from mature regions continues to decline.
Speaking at the Africa Energy Forum on the sidelines of the Offshore Technology Conference (OTC) in Houston, Texas, Eyesan told a global audience that Africa’s 125 billion barrels of oil reserves and 625 trillion cubic feet of natural gas — representing 10 percent of global reserves — make it the world’s most credible source of supply growth. She highlighted Ghana, Mozambique, Tanzania, Senegal, and Namibia alongside Nigeria as examples of the continent’s untapped potential.
“The only continent that is showing promise today is no other than Africa,” she said, pointing to declines in the North Sea, North America, and Asia as evidence that alternative supply sources are dwindling. With an estimated 10 million barrels per day removed from global markets due to disruptions, she framed Africa’s opportunity as urgent and immediate.
PIA Driving a Regulatory Renaissance
For Nigeria specifically, Eyesan said the Petroleum Industry Act (PIA), enacted in 2021, has been the engine of a sectoral revival. She noted that upstream investment, which had declined from $15 billion annually to under $7 billion before the PIA, is now trending sharply upward.
Several multi-billion-dollar Final Investment Decisions (FIDs) have either been secured or are imminent, including the Shell Bonga Project, the Ubeita Non-Associated Gas Project, the HI Gas Project, and the Zabazaba-Etan Field — the latter expected to unlock $10.38 billion in investment. In 2024 alone, the NUPRC approved 48 Field Development Plans, which Eyesan described as a major index of progress.
Licensing Momentum and Data Infrastructure
The ongoing licensing round, offering 50 blocks with more than 300 companies competing, is expected to conclude by the third quarter of 2026. Eyesan also announced that a new bid round will commence before the current one closes, signalling the scale of opportunity available.
To support bidders, the NUPRC is expanding its National Data Repository with large-scale 2D and 3D seismic data and is integrating artificial intelligence to accelerate analytics. She assured investors of a strong regulatory environment and a rapid return on investment, adding: “The PIA has provided fiscal clarity, regulatory efficiency, contract certainty, and transparency across all segments.”
Source: thisdaylive.com