Africa has emerged as a key focus in the global energy landscape as shifting supply dynamics and geopolitical tensions continue to reshape the oil and gas industry worldwide.
The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Mrs Oritsemeyiwa Eyesan, stated this at the 2026 Offshore Technology Conference (OTC) African Energy Forum organised by the Petroleum Technology Association of Nigeria (PETAN) in Houston, Texas, United States.
The forum, themed “Africa’s Energy Potential: Expanding Oil and Gas Exploration and Investment,” brought together industry stakeholders to discuss opportunities within the continent’s energy sector.
Eyesan said Africa is increasingly becoming the centre of global energy attention due to declining production in traditional oil-producing regions and rising uncertainty in global supply chains.
According to her, geopolitical disruptions, particularly in the Middle East, have significantly reduced global oil availability, creating supply gaps that new producing regions are expected to fill.
She noted that Africa now stands out as one of the few regions with significant untapped reserves capable of supporting global energy stability, citing estimated resources of about 125 billion barrels of oil and 625 trillion cubic feet of gas, roughly 10 per cent of global reserves.
Focusing on Nigeria, she credited reforms introduced through the Petroleum Industry Act 2021 for revitalising investor confidence in the country’s upstream sector. She described the reform as a turning point that improved regulatory clarity, transparency, and contractual stability.
She explained that before the reforms, Nigeria experienced a sharp decline in upstream investment, but recent policy changes have triggered renewed interest and recovery across the sector.
Eyesan also revealed that regulatory approvals for multiple Field Development Plans have increased activity, while ongoing licensing rounds have attracted strong participation from global energy firms.
She added that nearly 300 companies have shown interest in available oil blocks, describing it as a clear indication of growing confidence in Nigeria’s energy assets.
Despite the progress, she acknowledged that infrastructure limitations, particularly in gas development and transportation, remain a major challenge. She said efforts are underway to address these gaps through new projects and regional partnerships.
She further highlighted ongoing pipeline and gas infrastructure projects designed to improve energy distribution within Nigeria and across neighbouring countries.
Eyesan also emphasised the importance of regional cooperation, noting her role in advancing regulatory harmonisation across African countries to create a more attractive investment environment.
She said Africa has the resources, reforms, and market demand needed to support both local development and global energy needs, urging investors to take advantage of emerging opportunities.
Concluding her remarks, she encouraged stakeholders to act quickly to harness the continent’s energy potential.
Also speaking, Managing Director of Acme Multitech Services Ltd and Co-Chair of the forum, Mrs Adejumoke Oyedun, expressed appreciation to participants, partners, and industry leaders for contributing to the success of the event.
She said discussions at the forum provided valuable insights and practical ideas aimed at unlocking Africa’s energy potential through investment and collaboration.
Oyedun added that sustained cooperation among stakeholders would be essential in driving long-term growth and development in the continent’s energy sector.