The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on financial institutions to support operators in expanding domestic gas production.
The Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this when top executives of Rand Merchant Bank (RMB) visited the commission headquarters in Abuja.
Mrs Eyesan emphasised the importance of collaboration between regulators, financiers and operators to unlock investment and accelerate growth in the country’s gas sector.
“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,” Mrs Eyesan said.
She said the industry’s appetite for investment is very strong, as demonstrated by the interest in the ongoing 2025 licensing bid round.
She noted that the 2025 bid round witnessed almost 300 applications from International Oil Companies (IOCs) and indigenous operators.
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The NUPRC boss also highlighted ongoing initiatives around energy transition, including the issuance of Permits to Access Flare Gas (PAFG) to 28 firms and a target of 60 per cent reduction in fugitive methane emissions by 2031, among other initiatives aimed at promoting sustainable development in the upstream sector.
In his remarks, the Head of Oil and Gas Coverage at Rand Merchant Bank, Jonathan Ross, said the bank is keen on supporting Nigeria’s efforts to grow oil and gas production, with a particular focus on gas development.
He described gas as a strategic priority for the bank, citing major infrastructure projects such as the OB3 Pipeline (Obiafu-Obrikom-Oben gas pipeline) as critical to unlocking the country’s vast gas potential.
The bank also acknowledged recent regulatory reforms and improvements in security in host communities, noting that Nigeria is in a stronger position to attract investment than in previous years.
