NUPRC says reforms unlock $10 billion in upstream oil, gas investment

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.

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.

She added that the new regulatory framework promotes effective reservoir management and enhances recovery techniques to maximise value and ensure sustainable outcomes.

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.

The NUPRC is the regulatory body responsible for overseeing Nigeria’s upstream oil and gas operations, including licensing, compliance, and production monitoring.

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.