Lagos, Nigeria — Oritsemeyiwa Eyesan, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has highlighted Africa’s potential to fill the gap left by the Middle East’s reduced oil supplies at the Offshore Technology Conference in Houston. Amid geopolitical tensions, approximately 10 million barrels per day (bpd) of oil have been taken off the global market, shifting the spotlight to Africa’s vast oil reserves. Eyesan noted that Africa, with an estimated 125 billion barrels of crude oil reserves and around 625 trillion cubic feet of natural gas, accounts for about 10% of global reserves.
She emphasized that Africa’s challenge lies not in the availability of resources but in the conversion of these reserves into commercially viable output, necessitating investment, infrastructure, and regulatory certainty.
The Nigerian official pointed to the growing role of African nations like Ghana, Mozambique, Tanzania, Senegal, and Namibia in the global energy market. She credited reforms under the Petroleum Industry Act in Nigeria with reviving investor confidence and noted that annual investment in the country’s upstream sector had increased from around $7 billion to $15 billion post-reform. Eyesan outlined several large-scale projects, including the Bonga Project by Shell plc, the Ubeita non-associated gas development, the HI Gas Project, and the Zabazaba-Etan field project, which are expected to attract significant investment.
The government has been promoting gas development and offshore exploration to attract foreign capital and stabilize output.
The NUPRC has approved 48 Field Development Plans in 2024, indicating a surge in industry activity. Nigeria’s ongoing oil licensing round, involving 50 oil blocks and over 300 companies, is expected to conclude by the third quarter of 2026, with another licensing round anticipated to begin before the current one is completed. Despite international pressure on energy transition policies, Eyesan argued that Africa still requires significant investment in oil and gas to address energy shortages and industrialization needs.
She concluded by emphasizing the immense opportunities available in the continent’s regulatory environment.
*Additional reporting by ImNews | Sources consulted: 5*
—
This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Segun Adeyemi
