By Obas Esiedesa, Abuja
The International Energy Agency (IEA) has commended ongoing reforms in Nigeria’s upstream petroleum sector, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) explained how the Petroleum Industry Act (PIA) 2021 has fundamentally reshaped governance, improved transparency, and strengthened investor confidence in the industry.
A statement by the Commission on Wednesday said a high-level IEA delegation, led by Africa Programme Manager, Rita Maderia, made the commendation during a courtesy visit to the NUPRC headquarters in Abuja.
Receiving the delegation, the Commission Chief Executive (CCE), Engr. Gbenga Komolafe, said the PIA has ushered in a predictable and rule-based fiscal and regulatory environment that is now driving renewed investor interest in Nigeria’s oil and gas sector.
He noted that in the four years since the Act came into force, the Commission has developed and gazetted 17 regulatory instruments in extensive collaboration with industry stakeholders.
He explained that these instruments have reduced discretion, enhanced clarity, and created an enabling environment for capital inflow.
“”The PIA provides a transparent, commercially-viable, and investor-friendly regulatory foundation. Our commitment is to sustain regulatory certainty, deepen stakeholder confidence, and align Nigeria’s upstream sector with global best practices,” he stated.
In her remarks, Maderia praised NUPRC’s integration of decarbonisation requirements into upstream project approvals, noting that embedding green strategies in Field Development Plans aligns with global financing expectations for low-carbon projects.
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