The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says recent reforms have unlocked over $10 billion in upstream oil and gas investment.
Mrs Oritsemeyiwa Eyesan, Chief Executive of NUPRC, disclosed this on Thursday in Abuja at the Society of Petroleum Engineers Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026.
Eyesan said the reforms, which were developed in collaboration with operators, service providers, and investors, replaced discretion with clarity, reduced ambiguity, and introduced defined timelines, thereby making the regulatory environment more predictable and attractive to investors.
What they are saying
According to Eyesan, the commission had gazetted 19 regulations, with five more underway, covering critical areas of the upstream oil and gas industry, noting that the reforms have played a key role in unlocking significant investment in Nigeria’s oil and gas sector.
- “The predictable regulatory environment reduced investment risks and supported partners to take a multi-billion-dollar Final Investment Decision,” she said.
She added that the new regulatory framework promotes effective reservoir management and enhances recovery techniques to maximise value and ensure sustainable outcomes.
- “Collectively, these projects represent over $10 billion in new upstream investment and highlight the importance of clear policy and firm regulation,” she added.
More insights
The reforms referenced by Eyesan are anchored on the Petroleum Industry Act (PIA), which was signed into law in 2021 to overhaul Nigeria’s oil and gas sector.
The Act aims to improve transparency, attract investment, enhance governance, and increase government revenue, alongside related Executive Orders designed to streamline approvals and improve fiscal terms.
She highlighted that the reforms have supported major projects such as Bonga North, Ubeta, and the HI development, all of which have benefited from improved fiscal clarity, streamlined licensing, and faster approval processes.
Eyesan added that the commission is introducing more regulatory measures to further boost investor confidence and competitiveness in the sector.
- “Such measures are essential to fostering innovation, strengthening investor confidence and sustaining competitiveness,” she said.
What you should know
The NUPRC is the regulatory body responsible for overseeing Nigeria’s upstream oil and gas operations, including licensing, compliance, and production monitoring.
- Earlier this month, the commission disclosed that Nigeria’s crude oil production increased by about 40.5 per cent to 1.84 million barrels per day (bpd), signalling a strong recovery in output.
- The latest figure follows a production level of 1.459 million bpd recorded in January 2026, which later declined sharply to 1.31 million bpd in February.
However, Nairametrics reported on March 24 that Nigeria recorded a crude oil and condensate shortfall of about 16.6 million barrels between January and February, based on data from the commission.
