The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that recent reforms have successfully unlocked more than $10 billion in investment for the upstream oil and gas sector. This significant inflow of capital is attributed to a more predictable and attractive regulatory environment.
Mrs. Oritsemeyiwa Eyesan, Chief Executive of NUPRC, shared these details in Abuja during the Society of Petroleum Engineers Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026. She explained that the reforms, developed in collaboration with industry operators, service providers, and investors, have replaced discretionary practices with clear guidelines, reduced ambiguity, and established defined timelines.
According to Eyesan, the commission has gazetted 19 regulations, with an additional five currently in development. These regulations cover crucial aspects of the upstream oil and gas industry and have been instrumental in attracting substantial investment.
“The predictable regulatory environment reduced investment risks and supported partners to take a multi-billion-dollar Final Investment Decision,” Eyesan stated. She further elaborated that the new regulatory framework is designed to promote effective reservoir management and enhance recovery techniques, aiming to maximize value and ensure sustainable outcomes.
Eyesan added, “Collectively, these projects represent over $10 billion in new upstream investment and highlight the importance of clear policy and firm regulation.”
The reforms are fundamentally based on the Petroleum Industry Act (PIA), enacted in 2021 to modernize Nigeria's oil and gas sector. The PIA's objectives include improving transparency, attracting investment, enhancing governance, and increasing government revenue. Complementary Executive Orders have also been implemented to streamline approvals and improve fiscal terms.
Eyesan highlighted that these reforms have provided crucial support for major projects such as Bonga North, Ubeta, and the HI development. These projects have benefited from enhanced fiscal clarity, streamlined licensing processes, and accelerated approval procedures.
