The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has implored financial institutions to support operators in expanding domestic gas production.
Its Chief Executive (CCE), NUPRC, Mrs. Oritsemeyiwa Eyesan, stated this on Thursday when executives of Rand Merchant bank (RMB) visited the Commission headquarters in Abuja.
She emphasised the import of partnership between regulators, financiers and operators to unlock investment and accelerate growth in the country’s gas sector.
She added:”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.”
According to her, 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 IOCs and indigenous operators.
She 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.
The Head of Oil and Gas Coverage at Rand Merchant Bank, Jonathan Ross, said the bank is interested in 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.