NUPRC Vows Regulatory Certainty For Investors, Reports Over $57Bn In Approved Projects
By Sunday Etuka
Nigeria’s oil and gas regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Thursday pledged to maintain regulatory certainty for investors throughout the project lifecycle, even as it disclosed that field development approvals since 2024 have exceeded $57 billion.
The pledge came on Thursday at the AECAF Annual Conference in Abuja, where the Director, Surface Development, in the Development and Production Department of NUPRC, Engr. Joseph Ogunsola, spoke on behalf of the Commission’s Chief Executive, Mrs Oritsemeyiwa Eyesan.
Ogunsola said the Commission’s mandate under the Petroleum Industry Act (PIA) requires it to both enable investment and enforce sound practice, noting that investors need clear requirements and timely decisions from development planning through production and eventual closure.
“Our regulatory objective is to shorten the path to safe, economic production while preserving the scrutiny that protects investment, the environment and national value,” he said.
He said the approvals, valued at over $57 billion and reported as of August 2026, were made possible partly by Nigeria’s resource strength, with proved and probable reserves standing at 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet of gas as of January 1, 2026.
“Nigeria’s oil and gas resources must continue to attract investment that supports energy security and national development,” he said, adding that sustaining that investment requires projects that can compete on cost, deliver reliable production and meet rising environmental expectations.
On managing energy transition risks, Ogunsola cited measures including the Upstream Petroleum Decarbonisation Template, the 2023 Gas Flaring, Venting and Methane Emissions Regulations, and the 2026 Decommissioning and Abandonment Regulations, which requires operators to plan and fund asset closure in advance.
He said the Commission also supports gas development connecting upstream supply to domestic and export markets, stressing that such projects depend on “transport capacity, credible buyers and reliable payment,” he said.
Ogunsola said the Commission’s focus now is ensuring approved project value is realised through financing, execution and sustained production.
“For Nigeria, sustained investment must mean reliable energy supply, public revenue, benefits that endure in host communities and protects the environment,” he said, adding that these are the outcomes against which the Commission invites the public to assess its progress.
