The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says recent reforms in Nigeria’s oil and gas sector have unlocked more than $10 billion in upstream investments.
The Chief Executive of the commission, Oritsemeyiwa Eyesan, disclosed this on Thursday in Abuja during the Society of Petroleum Engineers Nigeria Council Oloibiri Lecture Series and Energy Forum 2026.
Eyesan said the reforms were developed in collaboration with operators, service providers, and investors. According to her, the changes replaced regulatory discretion with clearer guidelines, reduced ambiguity, and introduced defined timelines for approvals.
She noted that the new framework has made Nigeria’s upstream regulatory environment more predictable and attractive to investors.
The NUPRC chief explained that the commission had already gazetted 19 regulations, with five additional ones currently underway. These regulations cover key areas of the upstream oil and gas industry.
According to her, the reforms have played a major role in unlocking significant investments in the sector.
“The predictable regulatory environment reduced investment risks and supported partners to take a multi-billion-dollar Final Investment Decision,” Eyesan said.
She added that the new regulatory framework promotes effective reservoir management and improved recovery techniques aimed at maximising value and ensuring 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.
The reforms referenced by Eyesan are anchored on the Petroleum Industry Act, which was signed into law in 2021 to overhaul Nigeria’s oil and gas industry.
The Act seeks to improve transparency, attract investment, strengthen governance, and increase government revenue. It also works alongside several executive orders designed to streamline approvals and enhance fiscal terms for investors.
Eyesan highlighted that the reforms have supported major projects such as Bonga North, Ubeta, and the HI development project. According to her, these projects benefited from improved fiscal clarity, streamlined licensing processes, and faster regulatory approvals.
She said the commission is also introducing additional regulatory measures to further strengthen investor confidence and improve competitiveness in the sector.
“Such measures are essential to fostering innovation, strengthening investor confidence and sustaining competitiveness,” she said.
The NUPRC is responsible for regulating Nigeria’s upstream oil and gas activities, including licensing, compliance monitoring, and production oversight.
Earlier this month, the commission revealed that Nigeria’s crude oil production increased by about 40.5 per cent to 1.84 million barrels per day.
The figure reflects a recovery from the 1.459 million barrels per day recorded in January 2026, which later declined to 1.31 million barrels per day in February.
However, data previously released by the commission showed that Nigeria recorded a crude oil and condensate shortfall of about 16.6 million barrels between January and February.
