The Petroleum Industry Act (PIA) and an overhauled regulatory system are transforming Nigeria’s upstream oil sector, drawing in $10 billion in fresh investments. Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), highlighted this achievement during the 2026 Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum in Abuja on Thursday.
Eyesan stated that targeted oversight is driving digital oilfield adoption, mobilizing funds, and bolstering the nation’s energy security. She revealed that the commission has officially published 19 regulations, with five others in progress, shifting from arbitrary decisions to transparent, reliable guidelines.
These changes have already green lit key initiatives like Bonga North, Ubeta, and HI, which together account for more than $10 billion in investments and solidify Nigeria’s appeal to international investors.
“Our goal is straightforward: create an investment environment built on transparency, reliability, and assurance,” Eyesan affirmed. She pointed to positive signs, such as rising rig operations and a swelling roster of endorsed field development plans.
Bold production goals for 2030
Nigeria aims to hit 2 million barrels of oil per day (bpd) and 10 billion standard cubic feet of gas by 2027. By 2030, the NUPRC targets 3 million bpd and 12 billion cubic feet.
To achieve this, the NUPRC’s post-PIA structure ties field approvals to thorough reservoir evaluations, mandating operators to apply enhanced recovery methods for optimal resource utilization amid stricter capital discipline.
At the forum, Saidu Mohammed, chief executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), stressed the need for advanced tech infrastructure to meet 2030 objectives. He introduced ‘Project NEXUS,’ a key initiative to position Nigeria as Africa’s energy powerhouse.
This effort includes a sustainability drive to cut the sector’s carbon emissions and advance blue hydrogen production. For ongoing edge in the market, the NMDPRA has streamlined 17 prior rules into a single Petroleum Operations Regulation.
