By Seun Ibiyemi
The Federal Government has successfully utilized the Petroleum Industry Act (PIA) to resolve long-standing legacy debts owed to gas producers, marking a significant milestone in restoring investor confidence within Nigeria’s gas-to-power sector.
This development was shared by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, at the 9th Nigeria International Energy Summit (NIES 2026).
Ekpo emphasized that the PIA provided the transparent, commercially grounded framework necessary to clear these decades-old obligations, which was further bolstered by presidential approval and ratification by the National Economic Council.
By implementing cost-reflective pricing and streamlining licensing through the PIA, the government has stabilized a chain that currently powers over 70 percent of Nigeria’s on-grid electricity.
Ekpo noted that the resolution of these debts is a tangible demonstration of how regulatory reform can transform policy into real-world outcomes.
He reaffirmed the government’s commitment to using the PIA to facilitate long-term supply agreements and expand infrastructure, ensuring that natural gas remains the backbone of Nigeria’s energy transition and industrial growth.
In a parallel highlight of the summit, TotalEnergies was honored with the prestigious Best Offshore Development Project Award.
The award, presented by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, recognized the company’s technical excellence and its commitment to the sustainable development of Nigeria’s hydrocarbon resources.
The accolade specifically focused on the Egina deepwater project, which currently delivers up to 200,000 barrels of crude oil per day and is celebrated as a benchmark for engineering innovation and the successful integration of Nigerian local content.
The Managing Director of TotalEnergies EP Nigeria, Mr. Mathew Bouyer, accepted the award, describing the Egina project as a symbol of the synergy between global expertise and local capability.
Beyond its production capacity, the project has been instrumental in creating thousands of local jobs and facilitating the transfer of high-level technical skills.
During a panel session, Bouyer disclosed that TotalEnergies is adopting a blended capital strategy, balancing traditional hydrocarbon investments with low-carbon projects to meet global energy demands while adhering to environmental goals.
Bouyer also detailed the company’s environmental initiatives, which include the elimination of routine gas flaring and the deployment of advanced methane detection sensors across its facilities.
He underscored that while TotalEnergies remains a key partner in Nigeria’s energy landscape, the country must continue to improve its attractiveness as an investment destination to compete effectively for global capital.
He expressed a strong belief in Nigeria’s potential to remain a dominant player in the global energy market through strategic collaboration and continued adherence to international operational standards.