Africa is emerging as a key focal point in the global oil and gas industry amid ongoing supply disruptions and shifting geopolitical dynamics, according to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan. She made the remarks at the 2026 Offshore Technology Conference World Series African Energy Forum in Houston, noting that declining production in traditional regions is accelerating the continent’s importance in global energy supply.
Eyesan said geopolitical tensions in the Middle East have tightened global supply chains, while mature producing regions such as the North Sea and parts of North America continue to experience output declines. She added that Africa now holds about 125 billion barrels of oil and 625 trillion cubic feet of gas—roughly 10 percent of global reserves—positioning it as the leading frontier for new energy investment opportunities.
She further highlighted Nigeria’s Petroleum Industry Act as a major reform that has restored investor confidence and increased participation in licensing rounds, with nearly 300 companies competing for 50 available oil blocks. Despite these gains, she noted that infrastructure gaps—particularly in gas development—remain a key challenge, stressing the need for stronger African cooperation through regulatory harmonisation and cross-border energy projects.