Komolafe spoke at NOG @5 on the importance of PIA> (Image source: NUPRC)

The Nigerian Upstream Petroleum Regulatory Commission was present at the 24th Nigerian Oil & Gas Energy Week in Abuja, highlighting the significance of the Petroleum Industry Act (PIA) in achieving investor transparency in the country's upstream sector

While delivering a presentation at NOG 2025, the Commission's chief executive, Gbenga Komolafe, explained how the PIA helped introduce strategic reforms, bring regulatory clarity and make investment inflows effective in the Nigerian industry.

The PIA, now implemented alongside President Bola Tinubu’s 2024 Executive Orders, ensures fiscal incentives, local content enhancement, and cost efficiency, so that investors can expect maximum transparency.

While the PIA establishes the legislative and regulatory foundation, the Executive Orders make sure the availability of competitive incentives, strengthening domestic participation, and improving operational timelines. These reforms, according to Komolafe, points towards Nigeria’s enthusiasm in welcoming innovation and investment in the upstream sector.

New investments amounting to US$16bn and initiatives such as the Project One Million Barrels to boost daily production to 2.5 mn barrels by 2026 will ensure energy security, resilience and environmental sustainability.

To achieve this the Commission has incorporated in the PIA framework key regulatory initiatives such as upstream digitisation, infrastructure expansion, and the implementation of transparent licensing systems aimed at enhancing efficiency, reducing costs, and restoring investor confidence.

Nigeria is aiming a gas-driven energy transition. The country has pledged to end routine gas flaring by 2030 and reduce methane emissions by 60% by 2031. He also announced the designation of 18 March as Nigeria’s official Upstream Decarbonisation Day, underscoring NUPRC’s commitment to climate aligned development, carbon markets, and emissions tracking.

Komolafe further warned that the Commission will continue strict enforcement of the Nigerian Gas Flare Commercialisation Programme (NGFCP), noting that regulatory action has already been taken against defaulting producers.

The rig will begin operations this month. (Image source: Northern Ocean)

The Deepsea Mira by Northern Ocean will be deployed starting this month for Rhino Resources' operations offshore Namibia

Besides one firm well for Rhino, the rig will also be working for one firm well for another operator and three optional wells. The estimated firm duration adds up to 112 days at a projected value of approximately US$40mn.

High demand for the rig will generate nearly US$395-412mn in backlog for Northern Ocean. 

Through its collaboration with Rhino and Halliburton, which have a long-standing presence in Namibia, the company aims to leverage its impact in advancing local content in the region. 

“This agreement will ensure Deepsea Mira continues its operations in Namibia, following its successful campaign with Total. It also serves as a testament to the substantial local content NOL has built over time – an effort strongly supported by the Namibian government. Most notably, NOL together with its operator Odfjell Drilling Ltd., remain the only drilling contractor with ongoing operations and a continuous presence in Namibia over the past two years,” said Arne Jacobsen, chief executive officer of NOL.

Rhino's chief executive officer, Travis Smithard, calls the Deepsea Mira a rig of opportunity with high local content, and it remains a strategic contract for the company to advance its upstream ambitions in Namibia. “We are pleased to partner with Northern Ocean and utilise the Deepsea Mira rig for the drilling of the Volans-1X exploration well – the third successive well to be drilled on PEL85 by Rhino and its partners NAMCOR, Korres Investments, and Azule Energy. We look forward to collaborating with our service company partners, Northern Ocean, Exceed, and Halliburton, to ensure the safe and successful execution of this exciting exploration well,” he said. 

Antoine Berel, vice president in Halliburton for sub-Saharan Africa, said, “We are excited to collaborate with Rhino and NOL and Odfjell Drilling to support the upcoming campaign, as we share the same value and commitment toward Namibia’s in-country value development and capacity building.”

bp and Shell signed agreement with NOC Libya on separate instances. (image source: NOC Libya)

bp has announced the reopening of its office in Tripoli by the year-end as it plans to resume operations in Libya, and manage projects from the ground 

This development was made official by a memorandum of understanding established at a signing ceremony in London, where the chairman of the National Oil Corporation of Libya, Masoud Suleman acknowleged the renewed partnership with the British oil major. 

The MoU will enable bp to study hydrocarbons potential in not only the Messla and Sarir fields but also in the adjacent areas. 

Suleman assured consistent support and assistance for bp's reestablishment in the region, while calling for cooperation and training technical and leadership staff in Libya’s oil sector. 

Meanwhile, another oil major, Shell, will be doing a comprehensive technical and economic feasibility study to develop the al-Atshan field, and check its hydrocarbons prospects. The agreement with NOC Libya also gives Shell rights to explore other NOC-owned fields that do not involve any third parties. 

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Libya eyes production boost 

Afreximbank remains a longstanding financial partner to Oando PLC. (Image source: Afreximbank)

Oando Oil Limited is now closer to its production goals as African Export-Import Bank (Afreximbank) completes upsizing its reserve-based lending facility in favour of the oil and gas company for US$375mn

The company’s pay down of the original US$525mn facility, secured in 2019, to US$100mn in 2024 created significant headroom for refinancing and enhancing Oando’s financial flexibility.

Alongside Afreximbank, the upsizing was also supported by Mercuria Asia Resources PTE Limited (Mercuria). This will advance Oando’s strategic capital management, aiding the company's ambition to achieve production of 100,000 barrels of oil per day and 1.5 bn cu/ft of gas per day by the end of 2029, effectively boosting Nigeria’s oil output and reinforcing the country’s position in the global energy market.

The upsizing will also lead to local economic growth by creating jobs, upgrading infrastructure, and fostering technological advancements in the oil and gas sector.

“We are pleased to have completed the upsizing of our RBL facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximising the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over US$11bn in net cash flows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetising these resources. We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long-term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders,” said Wale Tinubu, group chief executive, Oando PLC and executive chairman, Oando Energy Resources.

“Afreximbank remains a longstanding financial partner to Oando PLC and its affiliates and has consistently supported the company’s growth and expansion initiatives. We are delighted that Mercuria, one of the world’s largest independent energy and commodities groups and one of our partners, has brought its global expertise and financial backing to the transaction, further strengthening Oando’s ability to execute its production growth strategy,” said Haytham Elmaayergi, executive vice president, Global Trade Bank, Afreximbank, as he stressed on Afreximbank's focus in promoting local content in the region's oil and gas sector.