Jarigbe Commends NUPRC, Says PIA Has Proven Its Worth
By Judex OKORO
The Senator representing Cross River North Senatorial District and Chairman of the Senate Committee on Gas, Jarigbe Agom Jarigbe, has commended the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, for its implementation of the Petroleum Industry Act, PIA.
Jarigbe said the Commission’s achievements in implementing the legislation had demonstrated that the PIA was one of the most significant pieces of legislation in Nigeria’s petroleum industry.
The lawmaker made the remarks at the fifth anniversary celebration of the NUPRC, held at the Congress Hall of Transcorp Hilton, Abuja, with the theme, “From Uncertainty to Stability: Unlocking the Next Phase of Investments.”
According to him, the stability recorded in the upstream oil and gas sector through the implementation of the PIA had created a foundation for attracting fresh investments and strengthening investor confidence in Nigeria’s petroleum industry.
“Stability is the foundation, but the next phase of investment is very important because after creating predictability, transparency and credibility, the investors will come in,” Jarigbe said.
He pointed to recent Final Investment Decisions, FIDs, as evidence of growing investor confidence in the sector, citing the Bonga Deep Water Project and Ubeta Gas Project among developments that had reached important investment milestones.
“We can see that a few FIDs have been taken, like the Bonga Deep Water Project, the Ubeta Gas Project and many others. We have created an enabling environment through the NUPRC for the investors to come in,” he said.
Jarigbe congratulated the NUPRC Governing Board, its Chief Executive, Oritsemeyiwa Eyesan, and staff of the Commission for their contributions to the development of the upstream sector.
He stressed that sustained implementation of the PIA would remain critical to attracting further investment, increasing production and creating opportunities for economic growth and employment.
The Senator also urged stakeholders to consolidate the gains recorded in the sector by maintaining regulatory predictability, transparency and credibility.
The anniversary brought together senior government officials and major stakeholders in the oil and gas industry, including Vice President Kashim Shettima, Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari, NUPRC Chief Executive Oritsemeyiwa Eyesan and other industry leaders.
The event provided an opportunity for stakeholders to assess the progress made by the Commission in its five years of operation and examine measures required to deepen investment in Nigeria’s upstream petroleum sector.
The NUPRC also used the occasion to announce the 2026 Nigerian Licensing Round, offering 40 oil blocks across land, shallow water and deepwater terrains as part of efforts to attract additional investment into the sector.
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