Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that investor confidence has returned to the country’s oil and gas industry. This development, he noted, is largely due to the impressive regulatory achievements of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over the past four years.

Lokpobiri made the remark during a courtesy visit by the NUPRC Chief Executive, Gbenga Komolafe, to his office on Tuesday. He praised the commission for transforming Nigeria’s upstream petroleum operations through effective implementation of the Petroleum Industry Act (PIA) 2021, which has boosted transparency and stability in the sector.

“Let me take this opportunity to congratulate you and your team for an excellent job over the last four years,” Lokpobiri said. “The NUPRC has changed the narrative in the upstream sector and restored the confidence of local and international investors. The rising rig count in the country is clear evidence of this progress.”

In response, Komolafe thanked the minister for his leadership and continued support of the commission’s regulatory initiatives. He highlighted that the NUPRC’s collaborative efforts with stakeholders have helped reposition the sector and ensure consistency in regulatory operations.

Komolafe added that the commission remains committed to sustaining the current momentum and further enhancing investor trust, with a focus on driving growth, improving production, and ensuring compliance with global industry standards.