Nigeria’s oil and gas industry has secured about $10 billion in new upstream investments following sweeping regulatory reforms aimed at improving investor confidence and strengthening sector performance.

Officials attribute the development to the implementation of the Petroleum Industry Act (PIA) and a revamped regulatory framework that introduces clearer and more predictable rules for oil companies operating in the country.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this at an energy forum in Abuja, noting that the reforms are already reshaping investment decisions in the sector.

According to her, the new regulatory environment has helped unlock funding for major oil projects, including Bonga North, Ubeta, and HI, which together account for the multi-billion-dollar inflows.

She added that the commission has introduced nearly 20 new regulations to replace discretionary approvals with structured guidelines, making operations more transparent and efficient.

Industry data also shows rising drilling activity and an increase in approved field development plans, signaling renewed confidence in Nigeria’s upstream sector.

Nigeria has set ambitious production targets, aiming for 2 million barrels of oil per day and 10 billion cubic feet of gas by 2027, with long-term goals of 3 million barrels per day and 12 billion cubic feet by 2030.

Officials say achieving these targets will depend on continued investment, improved technology, and better resource management across the sector.