Regulatory Commission says four years of PIA implementation has boosted transparency, investor confidence, and low-carbon compliance…
The International Energy Agency (IEA) has praised the ongoing reforms in Nigeria’s upstream petroleum industry, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) outlined how the Petroleum Industry Act (PIA) 2021 has reshaped governance and strengthened investor confidence in the sector.
A statement released by the Commission on Wednesday said a high-level IEA delegation, led by the Agency’s Africa Programme Manager, Rita Maderia, made the commendation during a courtesy visit to the NUPRC headquarters in Abuja.
Welcoming the delegation, the Commission Chief Executive (CCE), Engr. Gbenga Komolafe, said the PIA has created a predictable, transparent, and rules-driven fiscal and regulatory framework that has renewed global interest in Nigeria’s oil and gas industry.
According to Komolafe, in the four years since the Act was enacted, the Commission has worked closely with industry stakeholders to develop and gazette 17 regulatory instruments that guide operations in the upstream sector.
He explained that these regulations have minimized discretionary actions, improved clarity, and fostered an environment that is now attracting new capital into the industry.
“The PIA provides a transparent, commercially viable, and investor-friendly regulatory foundation. Our focus is to maintain regulatory certainty, strengthen stakeholder confidence, and align Nigeria’s upstream sector with global best practices,” Komolafe said.
In her remarks, Maderia commended the Commission’s integration of decarbonisation requirements into upstream project approvals. She noted that NUPRC’s insistence on embedding low-carbon strategies in Field Development Plans mirrors global financing standards for cleaner, more sustainable energy projects.
