Key Points

• Nigeria upstream oil regulation outlook shifts to growth

• New NUPRC boss targets investor confidence

• Nigeria upstream oil regulation outlook supports gas expansion

There is a new leader and a new tone at Nigeria’s upstream oil regulator. Oritsemeyiwa Eyesan, the new head of the Nigerian Upstream Petroleum Regulatory Commission, says she sees opportunities where others have seen problems.

At her first town hall meeting with staff in Abuja, Eyesan said that the Commission would focus on making Nigeria’s upstream oil and gas sector more open to growth, investment, and value creation. Her comments come at a time when Africa’s biggest producer is trying to turn around years of falling investment and weak production.

Eyesan took over as chief on December 23, after Gbenga Komolafe left. The National Assembly approved her appointment after President Bola Tinubu chose her to head the regulator set up by the Petroleum Industry Act of 2021.

She told the staff that rules should help businesses succeed, not get in the way of them. She also said that the NUPRC is at the centre of Nigeria’s energy ecosystem.

Nigeria’s outlook on upstream oil regulation

Eyesan said that her top priority right now is to win back investors’ trust by making things more open, speeding up approvals, and getting to know operators better. She promised to make the Commission more responsive and focused on technology, saying that being efficient is key to being competitive.

Nigeria has had a hard time getting money into upstream projects because global energy companies are changing where they spend their money and local problems are still there. Eyesan said that the answer is to have clear rules and follow them consistently within the PIA framework.

She also talked about plans to increase crude oil production while also increasing petrol production. This is in line with the government’s efforts to make petrol a transition fuel and improve energy security in the country.

The future of Nigeria’s upstream oil regulation and investment

Eyesan said that her leadership style would be based on her nearly 30 years of experience in the field. She worked for NNPC and its subsidiaries for about 33 years, and she retired in 2024 as Executive Vice President for Upstream Operations.

She said that the Commission’s job was to be a partner to industry, not an enemy, and that working with stakeholders, labour unions, and professional groups would continue to be a top priority.

Capacity building will also be a big part of it. Eyesan said that making the regulator’s technical skills better is important for better oversight and faster decision-making.

The future of Nigeria’s upstream oil regulation under PIA

Eyesan promised to lead with an open door and talk to staff regularly. She also called for everyone in the sector to take responsibility as it enters what she called a new phase of change.

She said that problems should be seen as opportunities for change, not as obstacles. She also said that Nigeria still has a lot of untapped oil and gas resources.

The Petroleum Industry Act set up the Commission, which is very important for Nigeria’s upstream future, especially now that competition for global energy capital is getting stronger.