The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Eyesan Oritsemeyiwa, has disclosed that Africa is officially “open for business,” offering a massive solution to the global energy supply gap.
She affirmed that Africa is increasingly emerging as a viable answer, driven by new discoveries and untapped reserves across the continent, and urged global investors to seize emerging opportunities.
The NUPRC boss spoke at the 10th Africa Energy Summit,in collaboration with Petroleum Technology Association of Nigeria (PETAN) themed “Scaling Innovation, Financing, and Industrial Capacity for Africa’s Energy Security,” at the ongoing Offshore Technology Conference (OTC) in Houston, Texas.
Oritsemeyiwa said Africa holds about 225 billion barrels of oil and 625 trillion cubic feet of gas, representing around 10 percent of global reserves.
She stressed that unlocking these resources would depend on sustained reforms and investment-friendly policies across African countries.“Africa is open for business.
The resources are abundant, and the regulatory frameworks are improving to support sustainable investment,” she revealed. She assured that African regulators are strengthening collaboration through a continental platform aimed at improving the investment climate and removing barriers to growth.
She further emphasized that Africa’s growing population and industrialization drive make it imperative to harness its vast energy resources. Despite the renewed momentum,
Oritsemeyiwa identified infrastructure gaps, particularly in gas development, as a major constraint. In Nigeria, she noted that the nation—which accounts for about 215 trillion cubic feet of Africa’s gas reserves—is investing in pipeline infrastructure to boost domestic supply and support regional energy needs.Eyesan pointed to Nigeria’s Petroleum Industry Act (PIA), enacted in 2021, as a turning point. The law has delivered fiscal clarity, regulatory efficiency, and transparency, helping restore investor confidence after upstream spend collapsed from $15 billion annually to less than $7 billion. The rebound is underway; NUPRC approved 48 field development plans in the past year, while recent licensing rounds for 50 oil blocks drew nearly 300 expressions of interest from global investors.
On the Middle East crisis, she noted that about 10 million barrels of oil have been taken off the global market by ongoing geopolitical tensions. Oritsemeyiwa said the supply disruption had created a significant deficit, reversing earlier market conditions in which supply outpaced demand.
According to her, the development has heightened global concerns over energy security, as countries scramble for alternative sources to make up for the shortfall. With 10 million barrels of oil wiped off global markets, Africa is positioning itself as the next reliable supply source—and Nigeria’s upstream regulator wants global capital in on the ground floor.
She explained that traditional oil-producing regions are grappling with declining output, limiting their ability to respond effectively to the disruption.
