NUPRC warns: Fake reports can shake Nigeria’s oil industry

By Yunus Yusuf

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged regulators, operators, investors and the media to promote accurate, fact-based reporting of Nigeria’s petroleum industry.

The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made the call on Sunday in Lagos at the Society of Petroleum Engineers Nigeria Council Executive Masterclass.

Represented by Mr Amba Ndoma-Egba, Deputy Director, Acreage Administration, Eyesan described the training as timely amid growing concerns over misinformation.

She warned that unverified information spreads rapidly and could influence public opinion, investment decisions and energy markets before facts are properly established.

“We live in an age when unverified information travels faster than it can be authenticated.

“A headline can move energy markets before the underlying facts are confirmed.

“The intersection of technical knowledge and journalistic reporting has therefore become a national imperative.

“Engineering the narrative is not the responsibility of the media alone; it is a shared responsibility of the regulator, operators, investors and the press,” she said.

Eyesan said NUPRC’s responsibility extended beyond compliance enforcement to strengthening investor confidence through transparent regulation and accurate public communication.

She identified transparent regulation, technically sound operations and accurate communication as critical pillars supporting confidence and trust in the petroleum industry.

She said weakening any of these pillars could undermine public trust and reduce investor confidence in the sector.

Eyesan said the Petroleum Industry Act 2021 mandated the Commission to regulate the upstream sector transparently, predictably and according to global best practices.

She said NUPRC’s vision was to make Nigeria’s upstream petroleum industry Africa’s most transparent, investment-friendly and technically robust jurisdiction.

She said: “This is not just an aspiration but an operational principle.

“It guides every licensing round, field development plan, reserves audit and production benchmark undertaken by the Commission.”

Eyesan explained that the Commission views regulation as a tool for enabling responsible growth and reducing investment risks.

According to her, regulatory clarity remains essential for sustainable industry development and long-term investor confidence.

Speaking on the 2025 Licensing Round, Eyesan described the exercise as one of NUPRC’s most significant regulatory engagements in recent months.

She said the licensing round attracted strong interest from local and international investors.

She noted that 50 oil blocks were offered across onshore, offshore, deepwater and frontier basins.

Eyesan said 196 applicants advanced to technical and commercial evaluation after prequalification.

She added that 143 companies submitted 200 bids covering 37 assets offered during the licensing process.

According to her, the process culminated in the Commercial Bid Conference held on July 21.

She said the exercise was conducted transparently, competitively and efficiently in line with the Commission’s regulatory objectives.

Eyesan, however, expressed concern over reports based on speculation and unverified claims.

She said while some reports accurately reflected the exercise’s technical merits, others distorted public understanding of the process.

She said such reports widened the gap between regulatory processes and public understanding of the petroleum industry.

Eyesan urged journalists covering the energy sector to prioritise accuracy, verification and technical understanding in their reports.

She advised reporters to examine methodologies behind industry figures and understand assumptions supporting projections.

She also urged journalists to provide context when reporting developments within the petroleum sector.

She said data literacy should become a core competency for journalists covering Nigeria’s oil and gas industry.

Eyesan described NUPRC as the steward of Nigeria’s petroleum resources on behalf of more than 200 million citizens.

She said effective stewardship required transparent communication between regulators and the public.

She said: “The regulator cannot tell this story alone.

“It must be reported, interpreted, scrutinised and communicated by a media equipped with the technical knowledge to engage confidently.

“You have the platform, and we have the data. Together, let us engineer an accurate and credible narrative.” (NAN)