KEY POINTS
- NUPRC says Africa is becoming a major global energy hub due to supply shortages and geopolitical tensions.
- The Petroleum Industry Act helped restore investor confidence in Nigeria’s oil and gas sector.
- Nigeria is expanding gas infrastructure and attracting strong international interest in its oil bid rounds.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has said Africa is becoming one of the most important regions in the global energy industry as geopolitical tensions and supply shortages continue to affect oil-producing nations across the world.
Speaking at the 2026 Offshore Technology Conference World Series African Energy Forum in Houston, Texas, NUPRC Chief Executive, Oritsemeyiwa Eyesan, said many traditional oil-producing regions are witnessing declining output, leaving Africa as the continent with the biggest untapped energy opportunities.
According to her, ongoing tensions in the Middle East have disrupted global supply chains and removed an estimated 10 billion barrels of oil from the market, increasing pressure on global energy demand.
Eyesan noted that regions such as the North Sea, North America and parts of Asia are struggling with falling production levels, making Africa more attractive to investors seeking new energy opportunities.
She said Africa currently possesses about 125 billion barrels of oil reserves and 625 trillion cubic feet of gas, representing roughly 10 per cent of the world’s total energy reserves.
Petroleum Industry Act Revived Nigeria’s Oil Sector — Eyesan
Eyesan credited Nigeria’s Petroleum Industry Act, PIA, signed into law in 2021, for helping to revive confidence in the country’s oil and gas sector.
According to her, the legislation introduced fiscal clarity, regulatory efficiency, transparency and contract certainty, which helped restore investor confidence after years of decline in upstream investments.
She explained that before the PIA came into effect, annual upstream investments in Nigeria dropped significantly from around $15 billion to less than $7 billion.
Describing the law as a major turning point, Eyesan said the PIA represented more than a reform process, adding that it created a fresh foundation for growth and stability in Nigeria’s petroleum industry.
She also disclosed that Nigeria’s ongoing oil bid rounds have attracted nearly 300 companies competing for just 50 available oil blocks, showing renewed global interest in the country’s energy assets.
Despite the renewed optimism in the sector, Eyesan acknowledged that infrastructure challenges remain a major concern, especially in gas development and distribution.
She said Nigeria is currently investing in major gas pipeline projects aimed at transporting gas from the Niger Delta to other parts of the country and neighbouring African nations.
Eyesan stressed the need for stronger collaboration among African countries to maximise the continent’s energy potential and improve regional energy security.
She noted that as Chair of the African Regulatory Forum, efforts are ongoing to harmonise regulatory frameworks across African countries to encourage cross-border investments and cooperation in the energy sector.
According to her, Africa’s growing role in global energy supply presents a major opportunity for economic growth, industrial development and energy stability across the continent.
