Energy
Senate Approves Abe as Chairman, NUPRC Board
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) would soon have a new chairman.
Biztellers reports that the Senate on Monday cleared former lawmaker representing Rivers South-East Senatorial District, Magnus Abe, for appointment as Chairman of the Board of the NUPRC.
Abe, a political ally of the Minister of the Federal Capital Territory, Nyesom Wike, was screened by the Senate Committee on Petroleum Resources (Upstream) before receiving the approval of lawmakers.
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The committee, chaired by Senator Eteng Jonah Williams, who represents Cross River Central Senatorial District, screened nominees forwarded by President Bola Tinubu for appointment as chairman and non-executive commissioners of the commission.
In line with the Senate’s tradition for former lawmakers appearing for confirmation, Abe was asked to “take a bow and go,” having served two terms in the National Assembly.
After his appearance before the committee in Room 117, Abe told journalists that the surge in global oil prices triggered by tensions involving Iran and the United States presents both challenges and opportunities for Nigeria.
On the impact of the escalating global crisis on Nigeria’s fuel prices, Abe described the situation as a worldwide challenge rather than a purely Nigerian problem.
“This is a very difficult time for the entire planet. It’s not just a Nigerian challenge; it is a global challenge,” he said.
According to him, while the conflict has pushed up the cost of fuel and created hardship for Nigerians, the increase in oil prices could also translate into higher national revenues.
“You must look at the balancing act. Prices will definitely be affected, but revenues from our oil sales will also be positively affected. There will be some measure of balance in what will happen,” he added.
Abe called for global prayers for an end to the conflict, noting that beyond the economic implications, the crisis was claiming human lives.
“Human beings are actually dying. Our prayers should be that this conflict, which in my opinion is unnecessary and harmful to the entire world, should quickly come to an end so that we can begin to recover,” he said.
The 2023 governorship candidate of the Social Democratic Party, however, urged Nigerians to see the situation as an opportunity to strengthen the country’s energy sector, particularly in gas development and marginal oil field investments.
“If the price of oil is going up, it allows us to invest in marginal fields that otherwise would not have been profitable. If gas supplies are being disrupted globally, this is an opportunity for Nigeria to optimise its own gas production, which will create jobs and new opportunities,” he said.
Abe also expressed gratitude to the president for nominating him to serve on the regulatory body’s board.
“I am sincerely grateful to Mr President, the Commander-in-Chief of the Armed Forces, Bola Tinubu, for considering me and other members of the board worthy of service to this country and me.
“I see it as a great privilege and an opportunity to contribute to the Renewed Hope Agenda,” he stated.
He assured Nigerians that the incoming board would work closely with stakeholders to strengthen the regulatory environment in the petroleum industry.
According to him, the framework provided by the Petroleum Industry Act offers solutions to several long-standing problems in the sector, including oil theft and community agitation.
“With the Host Communities Fund, the host communities themselves are now stakeholders. They benefit from production, and nobody destroys what he is eating,” Abe said.
Earlier during the screening, one of the nominees for non-executive commissioner of the NUPRC board, Paul Jezhi, identified discrepancies in crude oil measurement at custody transfer points as a long-standing challenge in the sector.
He told lawmakers that the deployment of modern metering technology could significantly reduce the problem.
“The discrepancies in crude oil at the custody point have been a long-time issue. But modern meters can now record measurements within a margin of plus or minus one to five, and when such meters are deployed, these discrepancies will largely disappear,” he said.
Jezhi also recommended the adoption of drones and satellite technology to strengthen surveillance against oil theft and pipeline vandalism, particularly in the Niger Delta.
“The deployment of drones and satellite surveillance will also help curb oil theft and pipeline vandalism, especially in the Niger Delta,” he added.
On January 5, 2026, President Tinubu had earlier written to the Senate seeking confirmation of 21 nominees for the boards of the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
In the letter, the president nominated Abe as chairman of the NUPRC board.
Other nominees for the NUPRC board include the past chairman of the Trade Union Congress in Kaduna, Paul Jezhi, and a former deputy director at the defunct Department of Petroleum Resources, Sunday Babalola, which was dissolved following the enactment of the Petroleum Industry Act in 2021.
Oil output from the United Arab Emirates (UAE) rose to record levels in September, underscoring its resilience even amidst the Middle East crises and liberation from OPEC+ limits.
The International Energy Agency (IEA) issued the data in its monthly report, adding that Abu Dhabi raised total oil production, including condensates, by 400,000 bpd to 5.3 MMbpd.
According to the IEA, the UAE bolstered crude output to more than 4.4 MMbpd, nearing its maximum capacity, which surpasses the previous highs for total oil in August, and crude oil in June.
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The UAE has been one of the most successful among regional producers in restoring flows through the Strait of Hormuz, by drawing on a fleet of tankers to discreetly shuttle cargoes through the chokepoint and then transfer them onto other vessels. In addition, the country’s decision to leave the Organization of the Petroleum Exporting Countries (OPEC) as of May has freed it from the group’s output caps, a source of frustration for years.
Its gains contributed to a wider recovery in flows from Gulf producers, which reached more than 75% of pre-war levels in September, led by Saudi Arabia, according to the Paris-based IEA.
Still, it’s unclear how far the regional rebound has withstood a new wave of Iranian attacks on tankers transiting Hormuz, and escalating hostilities carried out by the Houthi rebel faction in Yemen.
The UAE depleted its observable above-ground inventories at a record pace of more than 270,000 bpd in September, drawing them to an all-time low, according to the IEA.
Africa’s gas potential and strengthening the continent’s energy security would take centre stage at the Africa Interviews Sustainability Forum (AISF 2026) scheduled for Wednesday, October 21, in Lagos.
Biztellers reports that top officials of Oando Plc and Renaissance Africa Energy Company Limited, Ayotola Jagun and Tony Attah, respectively, will be leading other industry leaders in the discussion.
Jagun, Oando’s Executive Director, Chief Corporate Services and Sustainability Officer, and Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company Limited, will participate in a panel discussion alongside Lamé Verre of Lean In Equity & Sustainability (LiNES) and Dapo Filani, Managing Director and Chief Executive Officer of Waltersmith.
The panel will examine Africa’s energy security and the role of natural gas in the continent’s energy transition.
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The forum, launched in 2024, is holding its third edition under the theme, “Energy Security and Africa’s Energy Transition: Defining the Role of Gas.”
This year’s gathering will explore how African countries can strengthen energy security, attract investment in gas development and balance growing energy demand with sustainability objectives.
Verre, a London-based energy and sustainability executive, is Co-founder and Chair of the Advisory Board of LiNES. She will bring her international experience in sustainability, decarbonisation and low-carbon development to the discussion. Her work spans low-carbon initiatives across sectors, including marine, the built environment, forestry, land and agriculture.
Jagun brings extensive experience in corporate governance, regulatory compliance, enterprise risk management and sustainability. Her contribution will provide a corporate sustainability and governance perspective on the relationship between energy development, environmental responsibility and Africa’s transition priorities.
Attah, a former Managing Director and Chief Executive Officer of Nigeria LNG Limited, has extensive experience in the oil and gas industry, particularly in natural gas development and major energy operations.
Filani leads Waltersmith, an indigenous Nigerian energy company with interests across the oil and gas value chain. His participation will highlight the role of indigenous energy companies in strengthening domestic energy capacity and supporting economic development.
The panel will consider what is required to unlock greater investment in Africa’s gas sector, how natural gas can support industrial growth while advancing sustainability, and what practical measures could help translate the continent’s energy ambitions into tangible outcomes.
Beyond the panel discussion, AISF 2026 will provide opportunities for engagement among senior energy executives, policymakers, investors and business leaders.
Oil prices on Monday went south, after crude exports from the Middle East rose above pre-war levels, while the Group of Seven nations pledged to release 100 million barrels of crude and diesel from emergency reserves.
Brent crude futures fell by $1.20, or 1.17 percent, to $101.05 a barrel, while West Texas Intermediate crude declined by $1.16, or 1.27 percent, to $89.95 per barrel, according to Reuters.
Middle Eastern crude exports exceeded pre-war levels on four of the seven days in the final week of September, shipping data showed, despite attacks on vessels passing through the strategic Strait of Hormuz.
The increase in exports, combined with the G7’s planned release of emergency stocks, helped put downward pressure on crude prices.
The G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions following pressure from United States President Donald Trump.
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However, the scale of the additional supply remained uncertain.
IEA Executive Director, Fatih Birol, said last week that member countries had already released about two-thirds of the 400-million-barrel volume.
Meanwhile, supply concerns remained elevated as fighting continued across parts of the Middle East.
Saudi Aramco Chief Executive Officer, Amin Nasser, also warned that crude oil and refined fuel supplies were expected to remain stretched.
He said rebuilding global stockpiles after emergency withdrawals could take two years.
The United States Strategic Petroleum Reserve fell to 283 million barrels last week, its lowest level since October 1982, according to data from the US Department of Energy.
The supply outlook was further complicated by the continuing conflict involving Saudi Arabia and Iran-backed Houthi forces in Yemen.
Yemeni government forces attacked Houthi positions in the Dhubab district overlooking the Bab el-Mandeb Strait on Monday, according to two military sources.
The development came a day after the internationally recognised government launched a campaign to retake Houthi-held territory.
Meanwhile, OPEC+ postponed a review that would determine its 2027 oil output quotas after the war involving Iran disrupted projects aimed at expanding production capacity across the Middle East.
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