Africa is currently at the forefront of the global energy scene, as supply shortages and geopolitical tensions continue to reshape the oil and gas industry, says Oritsemeyiwa Eyesan, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission.

Ms Eyesan stated this at the 2026 Offshore Technology Conference World Series African Energy Forum, organised by the Petroleum Technology Association of Nigeria, on Tuesday in Houston, Texas, U.S.

Speaking at a high-level industry forum, Ms Eyesan declared that the continent now represents the most promising frontier for energy investment and supply, as traditional producing regions continue to decline.

Ms Eyesan explained that ongoing geopolitical tensions in the Middle East have significantly disrupted global supply chains, removing an estimated 10 billion barrels of oil from the market and widening the deficit.

She noted that historically dominant regions such as the North Sea, North America, and parts of Asia are experiencing declining output, leaving Africa as the only continent with substantial untapped potential.

“Africa stands alone today as the region offering new opportunities, new frontiers, and significant reserves capable of stabilising global supply,” Ms Eyesan added.

According to her, the continent holds approximately 125 billion barrels of oil reserves and 625 trillion cubic feet of gas, representing about 10 per cent of global reserves.

Highlighting Nigeria’s transformation, Eyesan credited the enactment of the Petroleum Industry Act in 2021 as a turning point that revitalised the country’s oil and gas sector.

“The PIA was not just a reform; it was a rebirth,” Ms Eyesan said. “It introduced fiscal clarity, regulatory efficiency, contract certainty, and transparency—all critical to restoring investor confidence.”

Ms Eyesan revealed that prior to the PIA, Nigeria experienced a steep decline in upstream investments, dropping from about 15 billion dollars annually to less than seven billion dollars.

Ms Eyesan also disclosed that Nigeria’s ongoing bid rounds have attracted significant global attention, with nearly 300 companies expressing interest in just 50 available oil blocks.

“This level of participation clearly demonstrates that the value within our assets is about to be unlocked,” she said, adding that additional bid rounds are already planned for 2026.

Despite the optimism, she acknowledged that infrastructure gaps remain a critical challenge, particularly in gas development.

Ms Eyesan highlighted ongoing efforts to expand gas infrastructure, including major pipeline projects to transport gas from the Niger Delta across Nigeria and into neighbouring countries.

Ms Eyesan stressed the importance of collaboration across Africa, noting her role as Chair of the African Regulatory Forum, a platform established to harmonise regulatory frameworks and foster cross-border cooperation.

(NAN)