By Seun Ibiyemi
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that the recent regulatory reforms have unlocked over $10 billion in new investments in Nigeria’s upstream oil and gas sector.
Chief Executive of the commission, Oritsemeyiwa Eyesan, disclosed this 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 so far gazetted 19 regulations, with five more in progress, covering key segments of the upstream industry.
The Minister of Defence, General Christopher Musa (Left) and the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan; during a courtesy visit at the Defence House, Abuja
She explained that the reforms, developed in collaboration with operators, service providers and investors, were designed to replace discretion with clarity, reduce ambiguity and establish defined timelines.
According to her, the new regulatory framework has already delivered results across major projects such as Bonga North, Ubeta and HI developments.
She noted that the Bonga North deepwater project progressed due to improved fiscal clarity and faster approvals under the Petroleum Industry Act and related Executive Orders, which helped reduce investment risks and supported partners in taking multi-billion-dollar Final Investment Decisions.
On the Ubeta gas project, Eyesan said fiscal incentives, streamlined licensing and transparent approval processes helped address long-standing bottlenecks, enabling faster execution and supporting Nigeria’s gas supply targets.
She added that the HI development was driven by a new asset stewardship framework and performance-based work programmes aimed at ensuring efficient reservoir management and improved recovery techniques.
“Collectively, these projects represent over $10 billion in new upstream investment and highlight the importance of clear policy and firm regulation,” she said.
The NUPRC boss also highlighted the role of digitalisation in transforming regulatory processes, noting that the commission had adopted a digital-first approach to approvals, reporting and compliance.
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She said integrated digital platforms were enhancing speed, transparency and accountability, while technologies such as digital twins, predictive maintenance and advanced analytics were improving operational efficiency and asset performance.
Eyesan added that the commission was developing regulations to promote data integrity, interoperability and standardisation, describing these measures as critical to boosting innovation, strengthening investor confidence and sustaining competitiveness in the sector.
