NUPRC asks for funding help for oil and gas players

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has asked banks and financial institutions to help oil and gas operators boost local gas production. The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, made this call when leaders from Rand Merchant Bank (RMB) visited the Commission headquarters in Abuja.

Eyesan stressed the need for teamwork among regulators, banks, and operators to attract investment and grow Nigeria’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," Eyesan said.

She pointed out that the industry is eager for investment. This is clear from the ongoing 2025 licensing bid round, which has attracted nearly 300 applications from international oil companies and local operators.

Focus on Energy Transition

The NUPRC boss also mentioned current projects related to energy transition. This includes issuing Permits to Access Flare Gas (PAFG) to 28 companies. The goal is to cut down fugitive methane emissions by 60 percent by 2031, along with other efforts to encourage sustainable growth in the upstream sector.

In response, the Head of Oil and Gas Coverage at Rand Merchant Bank, Jonathan Ross, said the bank wants to support Nigeria's push to increase oil and gas production, especially in gas development.

He noted that gas is a key focus for the bank. He pointed to significant projects like the OB3 Gas Pipeline as vital for unlocking Nigeria’s large gas potential.

The bank also recognized recent changes in regulations and better security in host communities. They believe Nigeria is now in a better position to attract investment compared to past years.