NUPRC upstream oil investment reforms unlocked over $10bn in oil and gas funding, says CEO Oritsemeyiwa Eyesan at Abuja forum

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said recent regulatory reforms have unlocked over $10 billion in new investments across the country’s upstream oil and gas sector.

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Chief Executive of the commission, Mrs Oritsemeyiwa Eyesan, made the disclosure on Thursday in Abuja during the Society of Petroleum Engineers Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026.

NUPRC upstream oil investment reforms, according to Eyesan, have been driven by the gazetting of 19 new regulations, with five additional frameworks currently in development.

She explained that the reforms cover key segments of the upstream petroleum industry.

Eyesan said the new regulatory framework, developed in collaboration with operators, service providers and investors, has replaced discretionary practices with clearer rules, reduced uncertainty and introduced defined timelines for approvals.

She noted that the improved policy environment has supported major upstream projects, including Bonga North, Ubeta and HI developments, which have collectively attracted significant capital inflows.

The NUPRC upstream oil investment reforms were particularly credited with advancing the Bonga North deepwater project, which she said reached a major Final Investment Decision due to enhanced fiscal clarity and faster approval processes under the Petroleum Industry Act and related executive directives.

She also highlighted the Ubeta gas project, stating that it benefited from streamlined licensing procedures, fiscal incentives and more transparent regulatory engagement, helping to accelerate Nigeria’s gas development goals.

On the HI development, Eyesan said a new asset stewardship framework had improved reservoir management and recovery techniques, ensuring better efficiency and long-term value creation.

She further disclosed that digital transformation is playing a central role in regulatory oversight, with the commission adopting a digital-first approach to approvals, compliance and reporting.

According to her, emerging technologies such as digital twins, predictive analytics and advanced monitoring systems are improving transparency, operational efficiency and investor confidence across the sector.

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The commission reaffirmed its commitment to building a stable, innovation-driven regulatory environment aimed at sustaining competitiveness and attracting long-term investment into Nigeria’s upstream oil industry.