The rig count in Nigeria, which serves as an indicator of upstream activities in the oil and gas industry, has witnessed a significant year-on-year increase of 61.1 percent in September 2023. This rise, from 18 rigs in the corresponding period of 2019 to 29 rigs, can be attributed to increased investment in the sector. The positive impact of Nigeria's Petroleum Industry Act (PIA), a comprehensive legislation aimed at restructuring, boosting production, and enhancing transparency and accountability, has been a driving force behind this investment.

Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), shared this information during his presentation at the ongoing African Oil Week in Cape Town, South Africa. He highlighted the positive influence of the PIA, which provides institutional governance, efficient administration, attractive fiscal regimes, and provisions for host communities. These factors create a conducive environment for investment and operations, fostering peace and stability.

Komolafe emphasized the federal government's commitment to increasing investment in gas as a transitional fuel towards a cleaner future. Projections indicate a potential shortfall of 10 billion cubic feet per day by 2030, presenting a significant opportunity for investment in the gas sector. To achieve this, critical gas development projects are being prioritized to generate economic benefits and shared prosperity for Nigeria and its partners.

In collaboration with TGS-Petrodata, a globally renowned organization, the NUPRC is working to acquire approximately 56,000 square kilometers of 3D seismic gravity data in the Niger Delta deep and Ultra Deep Offshore. This partnership aims to de-risk exploration activities and provide valuable data to enhance clarity for investors. The Nigerian Content Development and Monitoring Board (NCDMB) has granted approval for the deployment of a specialized Geophysical Survey Vessel for this purpose. The revenue generated from the data use license will be shared between the government and TGS.

Komolafe emphasized that Nigeria possesses abundant energy resources, including renewables and hydrocarbons, making it an attractive investment destination. The country's current administration provides the right fiscal and other incentives to support energy development. While acknowledging the global energy transition and its impact on funding hydrocarbon projects, Komolafe emphasized that Nigeria's energy development should align with its unique circumstances. The nation will continue to develop its hydrocarbon resources while gradually transitioning towards cleaner energy, utilizing the revenue to build critical infrastructure.

Mrs. Olu Verheijen, the Special Adviser to President Bola Tinubu on Energy, echoed the message that Nigeria is open for business and urged investors to consider the country for investment. She highlighted President Tinubu's efforts to stabilize the fiscal environment by removing costly fuel subsidies and adopting a market-driven exchange rate.

Dr. Ainojie Irune, the President and CEO of Oando Clean Energy Limited, emphasized Africa's potential as a renewable energy powerhouse. With abundant resources, capacity, and a growing population, Africa should actively participate in the energy transition and not shy away from involvement.

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