WorldStage– Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has restated commitment to building a competitive, transparent and investment-ready oil and gas industry, announcing sweeping reforms, regulatory achievements and new opportunities aimed at positioning the country as Africa’s leading energy hub.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe disclosed this while giving his keynote address at the Maiden edition of the 2025 Energy Correspondents Association (ECAN) Conference in Abuja, with the theme: “Four Years of the PIA: Achievements, Gaps and the Road Ahead.”
Komolafe, who was represented by the NUPRC Head of Regulatory and Statutory Compliance, Mr Kingston Chikwendu said Africa’s abundant oil and gas resources remained central to the continent’s economic future, noting that Nigeria holding 30% of Africa’s oil reserves and 34% of its gas continues to lead in creating an enabling environment for sustainable energy growth.
According to him “through the Project One Million Barrels Initiative, launched in 2024, Nigeria is actively ramping up crude oil production by reactivating dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain. Daily production currently averages 1.7–1.83 million barrels per day, with a target of hitting 2.5 million bpd by 2026.”
He emphasized that despite global energy uncertainties, Nigeria is mitigating risks and unlocking new prospects through the Petroleum Industry Act (PIA) 2021, presidential executive orders, and a broad regulatory overhaul designed to attract fresh investments and accelerate production.
Highlighting decades of challenges under the defunct Petroleum Act of 1969, he said the PIA 2021 had reset Nigeria’s upstream governance model, introducing clear institutional roles, competitive fiscal incentives, host community development funds and strong environmental provisions, including the Gas Flare Commercialisation Programme (NGFCP).
On the regulatory strategies for upstream resources optimization, he said “the NUPRC in embracing its mandate with a clear focus on upstream resource optimization has issued 19 enabling regulations that operationalize key provisions of the PIA. These regulations are benchmarked against global standards, providing a stable and predictable framework that enhances investor confidence.
“In furtherance, we have embedded data intelligence and digital innovation into upstream operations. The revitalized National Data Repository (NDR), Africa’s largest digital petroleum data bank, now enables seamless access to high-quality geoscientific data, improving investment decision-making. Through seismic reprocessing, advanced data-driven basin analysis, and targeted data acquisition, we are enhancing subsurface knowledge and de-risking exploration.
“Our recent bid rounds – anchored on quality data access, regulatory certainty, and an investor-centred reform agenda – recorded unprecedent successes. These include: the 57 PPL awards of 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round. Each of these rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement. Fiscal reform has indeed been a key lever. The Commission has implemented competitive royalty regimes, zero hydrocarbon tax for certain projects, and other fiscals’ consolidation mechanisms tailored to support project viability.”
The Commission also reported progress in tackling crude theft and pipeline vandalism, approving 37 new evacuation routes and strengthening security collaboration.
Additionally, he said the enforcement of the Domestic Crude Supply Obligation (DCSO) is ensuring steady feedstock for local refineries as the country works to stabilise domestic fuel supply.
The Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), Mr. Muhammad Al-Amin Kassim, urged stakeholders in the petroleum industry to sustain the momentum of reforms introduced under the Petroleum Industry Act (PIA), stressing that only effective implementation will guarantee tangible benefits for Nigerians.
He commended the progress recorded since the PIA was enacted in August 2021, particularly the establishment of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). He noted that the new regulatory structure had significantly improved transparency and boosted investor confidence.
He said, “This celebration is grounded in practical results. Since the PIA’s passage four years ago there is a clearer statutory delineation of roles across agencies, regulators have launched new licensing platforms and public processes, and there are examples of more predictable procedures in several licensing categories, actions that help investors assess risk with greater confidence. At the same time, these are early results in a long implementation journey rather than a final state.
“We must also be candid about what is yet to be done. Policy and institutional design are essential, but policy alone will not deliver results for citizens. Implementation remains the critical next phase, and several practical challenges deserve our immediate attention.
“Progress on social provisions, including establishment of Host Community Development Trusts, has been uneven, and capacity and coordination gaps continue to slow effective delivery. We must also ensure the new framework is applied in ways that prevent market concentration, guarantee open access to critical infrastructure, and protect consumers from anti-competitive behavior.”
In his welcome address, Chairman of ECAN, Mr. John Ofikhenua, described the conference as a “historic moment” aimed at deepening national conversation around the PIA and its impact four years after its passage.
“This is not just an event; it is the beginning of a national conversation that seats at the very heart of Nigeria’s development story,” he said.
Ofikhenua said it was important for stakeholders to reflect on the achievements recorded so far, identify the gaps that still persist, and chart a clear road-map for full realisation of the Act’s objectives.
He recalled the long and difficult journey that led to the signing of the PIA in 2021, noting that for over two decades, journalists and industry observers witnessed the persistent calls for reform and the frustrations that accompanied delays in passing the legislation.
According to him, before the Act, the sector was plagued by inefficiency, policy uncertainty, and discretionary decision-making that discouraged investors. He noted that the infamous long queues at filling stations were emblematic of a broken system and an outdated policy framework.
