The implementation of the Petroleum Industry Act (PIA) and sweeping regulatory reforms have triggered a major boost in Nigeria’s energy sector, attracting over $10bn in new upstream oil investment. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the progress reflects growing investor confidence in the country’s oil and gas environment. The announcement was made by NUPRC chief executive Oritsemeyiwa Amanorisewo Eyesan at the Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum in Abuja.
According to the commission, 19 new regulations have already been gazetted, with additional frameworks underway to replace discretionary approvals with clearer, more predictable rules. These reforms are already supporting major projects such as Bonga North, Ubeta, and HI, which together account for more than $10bn in upstream investment and signal renewed momentum in Nigeria’s oil sector.
Nigeria has also set ambitious production goals, targeting 2 million barrels of oil per day and 10 billion standard cubic feet of gas by 2027, with a further increase to 3 million barrels and 12 billion cubic feet by 2030. To achieve this, regulators are pushing stricter reservoir management practices and improved recovery techniques aimed at maximising output while ensuring long-term sustainability.
In the midstream and downstream space, Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) chief executive Saidu Mohammed highlighted the need for advanced technology and coordination. He announced “Project NEXUS,” a strategic initiative designed to position Nigeria as a leading African energy hub, alongside efforts to cut emissions and expand cleaner energy pathways such as blue hydrogen.
Industry leaders at the forum stressed that Nigeria must compete for increasingly selective global capital by embracing innovation and regulatory stability. According to SPE Nigeria Council chairman Francis Nwaechel, the future competitiveness of the sector will depend on how effectively the country unlocks value from existing assets while adapting to digital-driven oil and gas operations.
source: Business day