NUPRC targets $50bn investment as Nigeria strengthens deep-offshore framework

- Advertisement - The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called for more integration of offshore petroleum activities with the maritime industry to unlock investment, create jobs and boost the nation's blue economy. The Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, made the call on Tuesday, September 8, in Lagos at the Lagos International Maritime Week (LIMWEEK) 2026. L-R: The President, Women in Maritime Africa, Mrs Theodora Nweze, the elected member, United Nations, Group of Experts on Regional Assessment and Reputation on Distress Marine Ecosystem and Socio-economic, Mrs Felicia Mogo, Capt. Niyi Labinjo, the Convener Lagos International Maritime Week, Ms Oritsematosan Edodo-Emore, Capt. John Tonlagha, the Executive Commissioner, Health, Safety, Environment and Community, Nigeria Upstream Petroleum Regulatory Commission, the Ambassador Florentina Ukonga, the Executive Secretary, Gulf of Guinea Commission, Mr Jose Mba-Abeso and the Board Member Nigerian Maritime Administration and Safety Agency, and the Managing Director, Staz Investments Company Ltd., Ms Iroghama Ogbeifun, during the 2026, 11th Lagos International Maritime Week held on Tuesday-Thursday in Lagos Eyesan, represented by the Executive Commissioner, Health, Safety, Environment and Community, Capt. John Tonlagha, said policies must move beyond documents to deliver infrastructure, investment and measurable economic value. She said the theme of the event, 'From Policy to Practice: Powering Maritime Excellence in Africa', demanded concrete action anchored on standards, procedures and effective implementation. According to her, the success of any policy should be measured not only by its quality but by the regulations, operational controls and sustainable actions put in place to guarantee safety, create jobs and protect the environment. Eyesan described offshore oil development as a major maritime enterprise, involving vessels, logistics, ports and other specialised services from exploration through production, decommissioning and environmental restoration. She said maritime excellence therefore required closer coordination among regulators, operators, security agencies and coastal communities, alongside sustained investment in human capital, technology and environmental stewardship. The NUPRC chief outlined the regulatory chain as policy, legislation, regulation, standards, procedures, implementation, monitoring, enforcement and continuous improvement. She said the effectiveness of the framework would ultimately be determined by its implementation in the field. Eyesan said the Petroleum Industry Act (PIA) 2021 provided the foundation for local content, offshore exploration, terminals, pipelines and environmental plans in line with International Maritime Organisation (IMO) standards. She said subsidiary regulations covering royalty, measurement, decommissioning, gas flaring and remediation were also designed to unlock sustainable maritime and blue-economy value from Nigeria's petroleum resources. 'With 131 offshore and deep-offshore concessions, Nigeria holds 15.97 billion barrels of 2P oil and 92.71 trillion cubic feet (Tcf) of gas, representing 43 per cent of national reserves as of January 2026,' she said. According to her, every offshore project triggers a chain of activities, including seismic surveys, rig operations, Floating Production Storage and Offloading (FPSO), support vessels, fabrication and emergency response. She said the activities presented both regulatory responsibilities and significant business opportunities for Nigerian companies. Eyesan said the new deep-offshore framework announced on Aug. 11, 2026, was targeting up to $50 billion in investment through tax credits and local execution requirements designed to strengthen domestic capacity. She identified predictability, domestic capability, maritime infrastructure, safety and environmental performance, human capital development, partnerships and continuous learning as key priorities for the sector. The NUPRC chief also described decommissioning as both a responsibility and an economic opportunity, stressing the need for early investment in skills, vessels and facilities to safely retire ageing offshore assets. She said such investment would help Nigeria avoid imposing environmental and economic burdens on coastal communities. Eyesan said Nigeria's success should ultimately be measured by increased investment, stronger production, greater Nigerian participation in maritime activities, environmental protection and the emergence of the country as Africa's offshore energy and maritime-services hub. By Aisha Cole