Despite this clear ownership structure on paper, multiple claims and transaction pathways have emerged over time, creating uncertainty about legitimate rights and interests in the asset. What initially began as a debt recovery process linked to Pan Ocean’s financial obligations has gradually evolved into a broader dispute over transactional interpretations and ownership expectations.
Adelabu noted that gas-fired plants account for about 80 per cent of Nigeria’s electricity generation, but have continued to face setbacks due to supply disruptions, pipeline vandalism, mounting debts to gas producers, and weak coordination within the sector.
He explained that the extension of the Erha Production Sharing Contract to 2042 would support ongoing life-extension works aimed at restoring the Erha Floating Production Storage and Offloading (FPSO) facility to maximum performance.
Ojulari attributed the production growth to the establishment of an integrated energy security framework for pipelines in the Niger Delta, noting that the success was the result of deliberate and coordinated efforts rather than chance.
According to REA, the firms received ₦7.95 billion and ₦1.056 billion respectively for mini-grid projects in communities across Taraba, Kwara, Kogi, and Niger states. The funding is aimed at expanding access to reliable and sustainable electricity in underserved areas.
The approval follows a comprehensive review of legacy debts that have plagued the electricity value chain for over a decade, affecting generation, gas supply, and overall system performance.
In a statement personally signed by the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, the Commission announced the figures as Nigeria’s official national petroleum reserves position for 2026.
