NUPRC hails PIA’s impact as IEA commends Nigeria’s upstream sector reforms

By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has highlighted the transformative impact of the Petroleum Industry Act (PIA) 2021 on Nigeria’s oil and gas sector, as the International Energy Agency (IEA) commended ongoing reforms during a high-level visit to the Commission’s Abuja headquarters.

A statement by NUPRC on Wednesday said the IEA delegation, led by Africa Programme Manager Rita Maderia, praised the Commission for embedding transparency, governance, and investor-friendly practices in upstream operations.

Receiving the delegation, NUPRC Chief Executive Engr. Gbenga Komolafe said the PIA has created a predictable, rule-based fiscal and regulatory environment that has renewed investor confidence. “In the four years since the Act came into force, we have developed and gazetted 17 regulatory instruments in close collaboration with stakeholders,” he said. “These measures have reduced discretion, enhanced clarity, and created an enabling environment for capital inflow.”

Komolafe added that the PIA has strengthened upstream governance through improved data management systems, noting ongoing digital infrastructure upgrades to ensure data integrity and commercial value—critical factors for investor confidence.

Maderia commended NUPRC for integrating decarbonisation requirements into upstream project approvals, emphasizing that embedding green strategies in Field Development Plans aligns with global expectations for low-carbon projects. She also highlighted Nigeria’s vast gas resources as key to addressing Africa’s energy access deficit, stressing that full development of the continent’s gas reserves would contribute only 0.5 percent to global emissions.

The IEA expressed readiness to deepen cooperation with Nigeria, including access to market intelligence, joint workshops on gas monetisation and energy transition, expanded data sharing, and support for participation in international energy forums.

Komolafe assured that NUPRC would maintain an open-door policy, strengthening collaboration with the IEA and other global partners as Nigeria consolidates its leadership in Africa’s energy transition and upstream investment growth.

The post NUPRC hails PIA’s impact as IEA commends Nigeria’s upstream sector reforms appeared first on Vanguard News.