NUPRC Urges Financial Institutions to Support Funding for Gas Sector
• NBS seeks deeper collaboration with commission on industry data
Emmanuel Addeh in Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on financial institutions to support operators in expanding domestic gas production, emphasising the importance of collaboration among regulators, financiers and players to unlock investment and accelerate growth in the sector.
The Commission Chief Executive, NUPRC, Oritsemeyiwa Eyesan, said this when top executives of Rand Merchant bank (RMB) visited the commission’s headquarters in Abuja, a statement by the NUPRC said yesterday.
“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 disclosed that the industry’s appetite for investment is very strong, as demonstrated by the interest in the ongoing 2025 licensing bid round, which witnessed almost 300 applications from International Oil Companies (IOCs) and indigenous operators.
The NUPRC chief executive 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.
Responding, the Head of Oil and Gas Coverage at Rand Merchant Bank, Jonathan Ross, said the bank was 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 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.
Meanwhile, the National Bureau of Statistics (NBS) has named a team from the institution that will interact more closely and regularly with the NUPRC, especially with regards to data on crude production, gas reserves, oil spill incidents and exploration and production companies.
Statistician-General of the Federation, Adeyemi Adeniran, who also lauded the commission for the partnership over the years, spoke when he visited the NUPRC headquarters in Abuja.
Adeniran, who was accompanied by top management of the NBS, said oil and gas contribute significantly to Nigeria’s economy and thus cannot be ignored in data collation, noting that the NBS is not only the central custodian of data in Nigeria but also the apex agency responsible for developing, managing, and disseminating official statistics to guide government policies and national development.
This, he said, is done in collaboration with all 774 local governments, the 37 sub-nationals including the FCT, academia, multi-lateral organisations, non-governmental organisations and other federal agencies.
Adeyemi said since the NUPRC is the custodian of all upstream oil and gas data, the NBS cannot effectively carry out its mandate without the help of the Commission, and therefore called for a deeper collaboration between both institutions.
He said: “If we don’t get data on our oil and gas sector, we cannot release data on GDP. I want to commend the commission because for years there is basic data that we have been getting from the commission. So, we came to appreciate you for what you are doing because without this data, the government will not have the compass to drive the economy.”
“Presently, we are implementing the Integrated System of Administrative Statistics where we have onboarded 15 MDAs for us to be able to exchange data seamlessly through digital platforms. We are compiling petroleum national accounting which is under the natural capital accounting system. So, we require a lot of data in order to build this,” the NBS chief added.