Energy Leaders to NUPRC: Award Oil Assets on Capacity, Expertise to Grow Production
– PETAN chair decries some assets given to firms without capacity – Stakeholders seek funding, infrastructure, equipment to lift gas output Peter Uzoho Energy leaders have urged the Nigerian Upstream Petroleum Regulatory
Energy leaders have urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to prioritize technical capacity over asset awards in the oil and gas sector. Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria (PETAN) and CEO of Geoplex Drillteq, made this call at the Nigeria Energy Leaders Summit 2026.
He argued that some oil and gas blocks and fields have been awarded to companies without the necessary expertise and resources, which has contributed to Nigeria's underperformance in production. Ogunsanya highlighted that Nigeria has significant potential in midstream, with Dangote Refinery, BUA, modular refineries, and NNPC refining close to 2 million barrels per day.
However, he stressed that the upstream sector is hampered by poor asset management, and the current practice of awarding assets to unprepared companies is a significant barrier to increasing production. He called for the Nigerian professionals' expertise to be utilized more effectively, with regulators enforcing policies that retrieve non-performing assets.
Ogunsanya also emphasized the need for more rigs, equipment, and funding to boost production, particularly in deepwater projects. Muazu Magaji, COO of Transoceanic Energy Group, added that despite Nigeria's rich gas reserves, the country has not fully capitalized on its potential due to challenges in technical capacity, workforce organization, and financing.
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