•Seeks financing for oil and gas operators

AS part of ongoing initiatives around energy transition, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has issued permits to access Flare Gas (PAFG) to 28 firms and a target of 60 per cent reduction in fugitive methane emissions by 2031.

The commission’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, while disclosing this when top executives of Rand Merchant bank (RMB) visited the Commission headquarters in Abuja, said some of the initiatives aim at promoting sustainable development in the upstream sector.

Eyesan also called on financial institutions to support operators in expanding domestic gas production. she emphasised the importance of collaboration between regulators, financiers and operators to unlock investment and accelerate growth in the 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 disclosed that the industry’s appetite for investment is strong as demonstrated by the interest in the ongoing 2025 licensing bid round, which witnessed almost 300 applications from IOCs and indigenous operators.

Responding, Head of Oil and Gas Coverage at Rand Merchant Bank, Jonathan Ross, said the bank is 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 the country is in a stronger position to attract investment than in previous years.

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