Nigeria’s oil sector rebounds as local firms drive growth

Mrs Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria’s oil and gas sector is undergoing a transformation driven by growing local participation, climate targets and renewed investment momentum.

Speaking at the 2026 Offshore Technology Conference (OTC) 2026 in Houston, Eyesan said indigenous firms were playing an increasing role in the sector, with nearly 100 Nigerian companies now active.

“Today, nearly 100 Nigerian companies are operating in the sector. That is phenomenal,” she said.

Eyesan stressed that Nigeria is targeting zero gas flaring by 2030 and net-zero emissions by 2060, noting that flaring has already dropped below 10 per cent.

“We are not just penalising flaring, we are commercialising it,” she said, adding that flare gas is being converted into energy with potential to generate up to three gigawatts of electricity.

Eyesan described the Petroleum Industry Act as a “game changer” that had improved regulatory clarity and investor confidence while emphasising continuous policy adjustments to sustain competitiveness.

“The government has been responsive. We constantly evaluate our position and adjust to attract and retain investment,” she said.

She disclosed that the 2025 bid round had attracted nearly 300 applicants for about 50 assets, adding that it reflecting strong investor interest.

“That tells you the opportunities are significant, and the story will change rapidly,” she added.

Eyesan also said downstream reforms, including subsidy removal, were accelerating the adoption of alternative fuels such as compressed natural gas.

Chairman of the Petroleum Technology Association of Nigeria, Mr Wole Ogunsanya, said Nigeria’s participation at the conference underscores industry commitment to boosting production and energy security.

“Even in these trying moments, we ensured Nigeria was represented,” he said, adding that the country is moving toward higher refining capacity to reduce import dependence.(NAN)(