The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that over $10 billion in new investments have been unlocked in the Nigerian upstream oil and gas sector signalling a significant resurgence of production activities.
The NUPRC Chief Executive, Oritsemeyiwa Eyesan, made this known during the 2026 Oloibiri Lecture and Energy Forum in Abuja on Thursday, April 9.
The event themed: “Beyond 3 Million Barrels Target: Harmonising Digitalisation, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation,” was organised by the Society of Petroleum Engineers (SPE) Nigeria Council.
Eyesan attributed this capital influx to regulatory clarity provided by the Petroleum Industry Act (PIA) 2021 and subsequent executive orders aimed at reducing bottlenecks
She cited three major projects as the primary vehicles for this $10 billion investment. The projects include Bonga North, Ubeta, and HI.
“Let me highlight three recent case studies that exemplify how these reforms have enabled investment and delivered tangible results: Bonga North, Ubeta, and HI. …Collectively, these projects represent over $10 billion 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,” Eyesan stated.
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She emphasised that achieving the national target of 2 million barrels of oil per day and 10 billion cubic feet of gas by 2027, and up to 3 million barrels and 12 billion cubic feet by 2030, would require deliberate alignment of policy, capital, and technology, not just drilling.
The NUPRC chief executive highlighted the role of digitalisation in driving policy, regulation and operations in the oil and gas industry value chain.
“Digitalisation is also reshaping our regulatory landscape. Digital technology underpins operational excellence and must be at the center of regulatory oversight,” the NUPRC boss stated.
She revealed that the Commission is moving towards “a digital-first environment” using Integrated platforms for approvals and real-time monitoring to cut costs and increase transparency.
“Beyond regulation, digitalisation must transform the entire value chain. For operators, real-time data is a competitive necessity, enabling faster, evidence-based decisions, lower operating costs, safer operations, and more reliable outcomes. Through digital twins, real-time monitoring, predictive maintenance, and advanced analytics, operations are more precise, downtime is minimised, and asset value is consistently enhanced,” she added.
Also instrumental to unlocking the $10 billion investment potential is the 2025 Licensing Round.
In December 2025, the NUPRC officially launched the Nigeria 2025 Licensing Round. Under this initiative, the Commission placed 50 oil and gas blocks on offer to investors. The primary goal of this licensing round is to significantly boost the nation’s oil production and reserves. The NUPRC projects that the licensing round will attract approximately $10 billion in investments, add up to 2 billion barrels to national reserves, and deliver an estimated 400,000 barrels per day once the blocks are fully operational.
Infrastructure Overhaul
Industry leaders noted that achieving these goals will require moving away from aging 50-year-old trunk lines toward a more modern, efficient pipeline network.
While the NUPRC shared that the $10 billion already unlocked, the NNPC Group CEO, Bayo Ojulari, indicated at the same forum that the total potential investment pipeline is even larger—reaching approximately $34 billion, including prospective projects like Owowo and Bosi.
Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, represented by the company’s Executive Vice President, Upstream, Udy Ntia, said achieving the oil and gas production targets requires coordinated action by operators, service providers, regulators and other stakeholders.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
