The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, said reforms introduced under the Petroleum Industry Act (PIA) 2021 have led to a 90 per cent reduction in crude oil theft and restored investor confidence in Nigeria’s oil and gas sector.
“When the NUPRC was inaugurated four years ago, we inherited a complex landscape defined by declining investments and operational uncertainties. However, with the PIA, Nigeria entered a new era of regulatory clarity and transparency,” Komolafe said.
He explained that through collaboration with security agencies, private contractors, and host communities, the commission implemented key measures such as the Upstream Measurement Regulation and the Advance Cargo Declaration Regulation, leading to a drop in oil theft from over 102,000 barrels per day in 2021 to 9,600 barrels per day as of September 2025.
Komolafe added that the commission had improved data transparency by digitising seismic data across frontier and producing basins, reprocessing over 17,000 line-kilometres of 2D and 28,000 square kilometres of 3D data to international standards.
He also disclosed that the commission had introduced a fully digitalised licensing process to eliminate human interference and enhance accountability.
“To attract investments, we reviewed signature bonuses downward from about $100 million to $10 million during the 2024 mini-bid round to encourage field development and early production,” Komolafe added
