NUPRC Urges Financial Institutions to Support Funding for Gas Sector

Nigeria's Upstream Petroleum Regulatory Commission (NUPRC) is actively seeking financial backing to boost domestic gas production. Commission Chief Executive Oritsemeyiwa Eyesan emphasized the need for collaboration between regulators, financiers, and industry players to unlock investment and accelerate sector growth.

Eyesan made the appeal during a visit from executives of Rand Merchant Bank (RMB) to the NUPRC headquarters in Abuja. She assured the bank that the industry would adhere to the Petroleum Industry Act and other regulations. The NUPRC chief executive noted the significant investment interest, evidenced by nearly 300 applications for the ongoing 2025 licensing bid round from both international and indigenous operators.

The commission is also driving energy transition initiatives. These include issuing Permits to Access Flare Gas (PAFG) to 28 firms and setting a target to reduce fugitive methane emissions by 60% by 2031. These efforts aim to promote sustainable development within the upstream petroleum sector.

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One critical element will be financing, and we are hoping that you and the financial world will be there to support us. We will ensure that the industry operates in accordance with the Petroleum Industry Act and all other regulatory instruments.

Rand Merchant Bank, represented by Head of Oil and Gas Coverage Jonathan Ross, conveyed its interest in supporting Nigeria's oil and gas production growth, with a specific focus on gas development. Ross identified gas as a strategic priority for the bank and pointed to major infrastructure projects like the OB3 Gas Pipeline as crucial for realizing the country's gas potential. The bank also acknowledged recent regulatory reforms and improved security in host communities, suggesting Nigeria is now more attractive for investment than in the past.

In a related development, the National Bureau of Statistics (NBS) has established a team to enhance collaboration with the NUPRC on industry data, including crude production, gas reserves, and oil spill incidents. Statistician-General of the Federation Adeyemi Adeniran stressed the importance of oil and gas data for Nigeria's economy and government policy.

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gas is a strategic priority for the bank, citing major infrastructure projects such as the OB3 Gas Pipeline as critical to unlocking the country’s vast gas potential.