Petroleum sector reforms spark over $10bn upstream investment windfall – NUPRC boss
The implementation of the Petroleum Industry Act (PIA) and a revamped regulatory framework is reshaping Nigeria’s upstream landscape, successfully attracting $10bn in new investment.
The implementation of the Petroleum Industry Act (PIA) and a revamped regulatory framework is reshaping Nigeria’s upstream landscape, successfully attracting $10bn in new investment. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) commission chief executive Oritsemeyiwa Eyesan announced the milestone at the 2026 Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum in Abuja on Thursday.
Eyesan explained that purposeful regulation is enabling digital oilfields, unlocking capital, and strengthening national energy security. She noted that the commission has gazetted 19 regulations, with five more advancing, to replace administrative discretion with clear, predictable rules.
These reforms have already facilitated major projects, including Bonga North, Ubeta, and HI. Collectively, these ventures represent over $10bn in new investment, reinforcing Nigeria’s position as a competitive destination for global capital.
“Our objective is clear: to build an investment climate defined by clarity, consistency, and confidence,” Eyesan said. She added that early indicators are promising, with increased rig activity and a growing pipeline of approved field development plans.
Nigeria has set ambitious production targets to reach 2m barrels of oil per day (bpd) and 10bn standard cubic feet of gas by 2027. By 2030, the commission aims to scale these figures to 3m bpd and 12bn cubic feet respectively.
To support these goals, the NUPRC’s post-PIA framework anchors field approvals on rigorous reservoir analysis. This requires operators to deploy improved recovery techniques to ensure every barrel is accounted for in an era of disciplined capital.
Also speaking at the event, Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) authority chief executive Saidu Mohammed emphasised that reaching 2030 targets requires efficient technological systems. He announced plans to unveil ‘Project NEXUS’, a transformative vehicle designed to coordinate Nigeria’s journey toward becoming an African energy hub.
Underpinning this project is a sustainability initiative focused on reducing the industry’s carbon footprint and accelerating blue hydrogen development. To maintain competitiveness, the NMDPRA has consolidated 17 previous regulations into a unified Petroleum Operations Regulation.
SPE Nigeria Council chairman Francis Nwaechel noted that Nigeria is operating in a global environment where capital is increasingly selective. He stressed that the industry must unlock new value from existing assets through digital innovation and adaptive regulatory frameworks.
Nwaechel maintained that the ideas shaped at the forum would influence more than just production numbers, impacting the long-term sustainability and competitiveness of Nigeria’s energy future.
