NUPRC Reforms Unlock $10bn Upstream Investment, CEO Says
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says recent reforms have unlocked over $10 billion in upstream oil and gas investment.
Mrs Oritsemeyiwa Eyesan, the Chief Executive, NUPRC, spoke on Thursday in Abuja at the Society of Petroleum Engineers Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026.
Eyesan said the commission had gazetted 19 regulations, with five more underway, covering critical areas of the upstream oil and gas industry.
She said the rules, developed with operators, service providers and investors, replaced discretion with clarity, reduced ambiguity and introduced defined timelines.
According to her, the reforms enabled investment and delivered results across key projects, including Bonga North, Ubeta and HI developments.
Eyesan said the Bonga North deepwater project advanced due to fiscal clarity and faster approvals under the Petroleum Industry Act and related Executive Orders.
“The predictable regulatory environment reduced investment risks and supported partners to take a multi-billion-dollar Final Investment Decision,” she said.
On Ubeta, Eyesan said the gas project benefited from fiscal incentives, streamlined licensing and transparent approval processes.
She said the reforms addressed long-standing bottlenecks, enabling faster execution and supporting Nigeria’s gas supply targets.
Eyesan added that the HI development was driven by a new asset stewardship framework and performance-based work programmes.
“The framework ensures sound reservoir management and improved recovery techniques to maximise value and deliver 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.
Eyesan said digitalisation was reshaping regulation, with the commission adopting a digital-first approach to approvals, reporting and compliance.
According to her, integrated platforms are improving speed, transparency, accountability and real-time visibility for industry operators.
She added that technologies such as digital twins, predictive maintenance and advanced analytics were boosting operational efficiency and asset performance.
Eyesan said the commission was designing regulations to promote data integrity, interoperability and standardisation.
“Such measures are essential to fostering innovation, strengthening investor confidence and sustaining competitiveness,” she said. Oil Prices Edge Higher as Ships Stuck in Waterway
