The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved over $57 billion worth of upstream field development projects since 2024. This move aims to accelerate the conversion of investment commitments into actual oil and gas production. The Commission is focused on creating greater regulatory certainty for investors while ensuring that approved projects progress from planning to execution.
NUPRC's chief executive, Oritsemeyiwa Eyesan, highlighted the Commission's mandate under the Petroleum Industry Act, which involves facilitating investment and ensuring compliance with regulatory, environmental, and host-community requirements. The priority is to reduce the time between project approval and production without compromising checks to protect investors, host communities, and the environment. Eyesan made these remarks at the Association of Energy Correspondents, Abuja FCT (AECAF), Annual Conference, represented by Joseph Ogunsola, director of Surface Development at the NUPRC.
Nigeria still has significant upstream potential, with proved and probable reserves of 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet of gas as of January 1, 2026. These reserves provide a strong foundation for additional investment in the country's oil and gas industry. The NUPRC cited these reserves as a key factor in its decision to approve upstream projects.
The NUPRC is implementing measures to keep Nigerian upstream assets competitive while reducing emissions and managing long-term liabilities. These measures include the Upstream Petroleum Decarbonisation Template, 2023 regulations on gas flaring, venting, and methane emissions, and the 2026 Decommissioning and Abandonment Regulations. The decommissioning regulations require operators to plan and finance the eventual closure of petroleum assets from the outset.
The NUPRC's upstream approvals are linked to Nigeria's plans to expand domestic gas supply and exports. The success of gas commercialisation projects depends on factors outside the NUPRC's direct control, including pipeline capacity, credible offtakers, and reliable payment systems. Payment challenges, particularly among domestic power generators, remain a risk to the development of the gas market.
Eyesan noted that the Commission's performance should ultimately be judged by outcomes rather than the number of approvals issued. Reliable energy supply, increased public revenue, and benefits reaching host communities without environmental damage are key measures of success. The NUPRC aims to balance the need for investment with environmental and social responsibility.
The NUPRC's efforts to accelerate oil and gas production are crucial for Nigeria's energy sector. With a focus on regulatory certainty, environmental compliance, and social responsibility, the Commission is working to unlock the country's upstream potential. The approved projects are expected to contribute to Nigeria's energy security and economic growth.
Key points
- The NUPRC has approved over $57 billion worth of upstream field development projects since 2024.
- Nigeria has significant upstream potential, with 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet of gas in reserves.
- The NUPRC is implementing measures to reduce emissions and manage long-term liabilities, including the Upstream Petroleum Decarbonisation Template and decommissioning regulations.
