The Federal Government has officially gazetted 21 new regulations for Nigeria’s oil and gas upstream sector in a bold effort to unlock investments, streamline industry operations, and ensure alignment with global standards.
This was revealed by the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during his goodwill address at the 48th Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition in Lagos.
According to Komolafe, the new regulations are a product of the Petroleum Industry Act (PIA) 2021 and are aimed at enhancing transparency, clarity, and efficiency in the upstream sector.
“Since the enactment of the Petroleum Industry Act, 2021, the Commission has so far gazetted 21 key regulations, with others at various phases of development,” Komolafe stated.
He added that the newly introduced regulatory frameworks were developed to support investment, simplify administration, and bring Nigeria’s upstream operations in line with both national and global objectives.
The SPE event, which attracts stakeholders across the petroleum value chain, served as a platform for Komolafe to reaffirm the government’s commitment to a more competitive and investor-friendly oil and gas landscape.
