The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says sweeping reforms in Nigeria’s oil and gas sector have unlocked more than $10 billion in new upstream investment.
Oritsemeyiwa Eyesan, Chief Executive, disclosed this at the 2026 Oloibiri Lecture Series and Energy Forum in Abuja, noting that clearer rules and faster processes are restoring investor confidence.
Eyesan said the reforms, developed with operators, service providers, and investors, have reduced regulatory ambiguity by introducing defined timelines and transparent processes.
According to her, this shift has made Nigeria’s upstream environment more predictable, enabling partners to commit to multi-billion-dollar Final Investment Decisions (FIDs).
The commission has already gazetted 19 regulations, with five more in progress, covering key aspects of upstream operations. These measures, she said, are driving efficiency, improving reservoir management, and boosting recovery rates.
The reforms are anchored on the Petroleum Industry Act (PIA), which aims to enhance transparency, strengthen governance, and improve fiscal terms to attract capital.
Major projects such as Bonga North, Ubeta, and the HI development have benefited from streamlined approvals and greater fiscal clarity.
The commission also reported a rebound in production, with crude output rising about 40.5 per cent to 1.84 million barrels per day. However, volatility persists, with earlier declines and a reported shortfall of 16.6 million barrels between January and February.
Eyesan said additional regulatory measures are in the pipeline to sustain momentum, boost competitiveness, and deepen investor confidence in Nigeria’s upstream sector.
