Upstream Reforms Unlock $10bn In Oil Sector FIDs, Boost Energy Security—Eyesan

Post-Petroleum Industry Act (PIA) regulations are driving a renaissance in Nigeria’s upstream oil and gas sector, unlocking over $10 billion in investments through projects like Bonga North, Ubeta, and HI, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, has disclosed.
In her keynote address at the 26th Oloibiri Lecture Series and Energy Forum, Eyesan stated that the 2021 PIA, backed by 19 gazetted regulations from the Commission and targeted Presidential Executive Orders, has introduced certainty, transparency, and performance-based oversight. These reforms have streamlined approvals, enhanced fiscal incentives for gas and deepwater developments, and replaced discretion with clear rules, reversing years of stalled projects and eroded investor confidence.
Key case studies underscore the impact include: the Bonga North deepwater project advanced after fiscal clarity reduced risks, enabling a multi-billion-dollar Final Investment Decision (FID).

Also, Ubeta, a major gas initiative, progressed via streamlined licencing and incentives aligned with national gas ambitions while the HI development benefited from new asset stewardship frameworks emphasising reservoir analysis and recovery techniques.
“Collectively, these projects represent over ten billion dollars in new upstream investment, demonstrating that clear policy, firm regulation, and deliberate leadership are essential to unlocking real value and cementing Nigeria’s position as a competitive upstream destination,” she said.
The CCE stressed that, “Resource endowment alone does not create value.”

According to her, value is realised through effective execution, driven by alignment of policy, capital, and technology.
Eyesan noted that Nigeria’s 37 billion barrels of crude oil and 200 trillion cubic feet of gas remained underutilised without disciplined regulation.
She said digitalisation emerges as a cornerstone, with NUPRC advancing integrated platforms for approvals, reporting, and compliance.
She therefore urged operators to adopt digital twins, real-time monitoring, and analytics to cut costs, minimise downtime, and boost recovery factors—critical as capital grows selective amid global scrutiny.

Eyesan reaffirmed production targets of 2 million barrels of oil per day (bopd) and 10 billion standard cubic feet (bscf) of gas by 2027, scaling to 3 million bopd and 12 bscf by 2030. Reforms support this through domestic supply obligations, gas flaring elimination, risk-based inspections, and Host Community Development Trusts, fortifying energy security and social license.
She called for stakeholder collaboration: active consultations, digital adoption, sustainability practices, innovation pilots, and transparency.
“True progress depends on collective ownership,” Eyesan concluded, invoking Oloibiri’s 1956 legacy to rally the sector toward resilience and global competitiveness.