The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said recent regulatory reforms have unlocked more than $10 billion in upstream oil and gas investments.
The Chief Executive of the commission, Mrs Oritsemeyiwa Eyesan, disclosed this on Thursday in Abuja during the Society of Petroleum Engineers (SPE) Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026.
Eyesan stated that the reforms, developed in collaboration with industry operators, service providers and investors, have improved regulatory clarity, reduced uncertainty and introduced defined timelines, making Nigeria’s upstream sector more predictable and attractive to investors.
According to her, the commission has so far gazetted 19 regulations, with an additional five currently in progress, covering key areas of the upstream oil and gas industry.
She noted that the reforms have significantly reduced investment risks and enabled partners to take multi-billion-dollar Final Investment Decisions (FIDs).
“The predictable regulatory environment has reduced investment risks and supported partners in taking multi-billion-dollar Final Investment Decisions,” she said.
Eyesan added that the new framework promotes efficient reservoir management and improved recovery techniques, aimed at maximising value and ensuring sustainable outcomes in the sector.
She explained that the reforms, anchored on the Petroleum Industry Act (PIA) signed into law in 2021, have been instrumental in attracting fresh investments into the industry.
The Act was introduced to overhaul Nigeria’s oil and gas sector by improving transparency, strengthening governance, enhancing fiscal terms and boosting government revenue. It is also supported by executive orders designed to streamline approval processes.
Eyesan highlighted that several major projects, including Bonga North, Ubeta and the HI development, have benefited from the improved regulatory environment, fiscal clarity and faster approval timelines.
“Collectively, these projects represent over $10 billion in new upstream investment and underscore the importance of clear policy direction and firm regulation,” she added.
She further disclosed that the commission is working on additional regulatory measures to sustain investor confidence and enhance the sector’s competitiveness.
“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 operations, including licensing, compliance and production monitoring.
Earlier in the month, the commission reported that Nigeria’s crude oil production rose by about 40.5% to 1.84 million barrels per day (bpd), indicating a recovery in output. This follows a production level of 1.459 million bpd recorded in January 2026, which declined to 1.31 million bpd in February.
However, data from the commission showed that Nigeria recorded a crude oil and condensate shortfall of approximately 16.6 million barrels between January and February, highlighting ongoing challenges in the sector despite recent gains.
