Petroleum Law Reform and Investment Climate: Perspectives of International Oil Companies Operating in Nigeria

This study examines the perspectives of international oil companies (IOCs) operating in Nigeria on the investment climate implications of petroleum law reform under the PIA 2021. The PIA introduced significant changes to fiscal terms, governance structures, and contract types, prompting varied responses from IOCs regarding their long-term commitment to Nigeria's upstream sector. Using a qualitative elite interview methodology, the research conducts semi-structured interviews with senior representatives from six IOCs (names anonymised) operating across the Niger Delta and deepwater acreage. Industry association reports, investor prospectuses, and divestment announcements from 2021 to 2024 are also analysed. Findings show that IOCs generally welcome the regulatory clarity of the PIA but remain concerned about the speed of HCDT implementation, fiscal benchmarking relative to competing basins, and lingering contractual legacy issues. The study recommends government investment in regulatory predictability mechanisms and a formal IOC-NUPRC investment dialogue forum to address emerging concerns proactively. Keywords: investment climate, PIA 2021, international oil companies, petroleum law reform, Nigeria.