The Nigerian Upstream Petroleum Regulatory Commission says recent reforms have attracted more than $10 billion in upstream oil and gas investment.

Chief Executive of NUPRC, Mrs Oritsemeyiwa Eyesan, disclosed this on Thursday in Abuja at the Society of Petroleum Engineers Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026.

She said the reforms, developed with input from operators, service providers and investors, replaced regulatory discretion with clearer rules, reduced ambiguity, and introduced defined timelines, making the sector more predictable and attractive to investment.

Eyesan said the commission had gazetted 19 regulations, with five additional ones currently in progress, covering key segments of the upstream oil and gas industry. She noted that the reforms have been instrumental in unlocking substantial investment into Nigeria’s oil and gas sector.

“The predictable regulatory environment reduced investment risks and supported partners to take a multi-billion-dollar Final Investment Decision,” she said.

She added that the new regulatory framework encourages effective reservoir management and improves recovery techniques, aimed at maximising value and ensuring long-term sustainability.

” Collectively, these projects represent over $10 billion in new upstream investment and highlight the importance of clear policy and firm regulation,” she added.

She explained that the reforms are anchored on the Petroleum Industry Act (PIA), signed into law in 2021 to comprehensively overhaul Nigeria’s oil and gas sector.

The Act is designed to improve transparency, attract investment, strengthen governance, and boost government revenue, alongside complementary Executive Orders aimed at streamlining approvals and enhancing fiscal terms.

Eyesan added that the commission is rolling out additional regulatory measures aimed at strengthening investor confidence and improving competitiveness in the sector.

“Such measures are essential to fostering innovation, strengthening investor confidence and sustaining competitiveness,” she said.

The NUPRC is the regulatory authority overseeing Nigeria’s upstream oil and gas operations, including licensing, regulatory compliance, and production monitoring.

Earlier this month, the commission reported that Nigeria’s crude oil production rose by about 40.5 per cent to 1.84 million barrels per day, indicating a strong rebound in output.

The latest figure compares with 1.459 million bpd recorded in January 2026, before a sharp decline to 1.31 million bpd in February.