The Petroleum Industry Act (PIA) 2021 has brought greater clarity, stability and investor confidence to Nigeria’s oil and gas sector, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has said.
Eyesan stated this while participating in a panel discussion on the Africa Regulators and NOC Leadership Debate at the ongoing Africa Oil Week (AOW) in Accra, Ghana.
According to her, the delayed passage of the PIA had previously created uncertainty within Nigeria’s petroleum industry, but the enactment of the legislation has significantly improved the regulatory environment for both operators and regulators.
She noted that Nigeria was beginning to witness increased investment inflows and higher crude oil production following the implementation of the PIA.
Eyesan disclosed that crude oil production, excluding condensates, reached 1.56 million barrels per day (mbpd) in June 2026, representing a 74-month high and enabling Nigeria to achieve 104 per cent of its OPEC quota.
The NUPRC boss, who also chairs the African Petroleum Regulators Forum, stressed the need for African regulators to remain responsive to the rapidly changing dynamics of the global energy market.
She said regulators seeking to attract capital must remain flexible and continuously assess where global investment is moving, warning that rigid regulatory frameworks could undermine the competitiveness of African petroleum-producing jurisdictions.
“Regulation cannot be static in a rapidly changing market,” Eyesan said.
She emphasised that certainty and adaptability must go hand in hand if African countries are to attract and retain sustainable investment in their oil and gas sectors.
In her concluding remarks, Eyesan said capital was increasingly mobile, adding that jurisdictions capable of combining regulatory certainty with adaptability would be better positioned to win global investment.
Her comments at the high-level industry gathering underscored Nigeria’s ongoing efforts to use the PIA and regulatory reforms to strengthen its upstream petroleum sector, boost production and create a more attractive environment for investors.
