ABUJA — President Bola Ahmed Tinubu’s Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 could unlock about $50 billion in investments and increase Nigeria’s crude oil and condensate production by nearly one million barrels per day within the next four to five years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
The Executive Commissioner, Development and Production, NUPRC, Engr. Enorense Amadasu, disclosed this on Tuesday during a live programme on the Nigerian Television Authority (NTA), hosted by Cyril Stober.
Amadasu, who represented the NUPRC Chief Executive, said the executive order had created a transparent and rules-based investment framework designed to support the development of the next generation of Nigeria’s deep offshore oil and gas projects.
Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, with deep offshore operations accounting for about 24 per cent of total oil production and 19 per cent of gas production, according to the NUPRC executive.
“We are on the right path all thanks to Mr. President. It will be a huge leap,” Amadasu said.
He noted that Nigeria had so far produced more than 4.6 billion barrels from deep offshore assets, describing the volume as equivalent to about 5,000 tankers.
According to him, the new fiscal framework could encourage international oil companies to accelerate investment decisions on deep offshore projects that have already received regulatory approval.
Amadasu said nine projects with Field Development Plans running into billions of dollars had already been approved by the NUPRC, putting them in position to move towards Final Investment Decisions.
“So, where will these volumes be coming from? Nine of these projects have approved FDPs, so the next step expected is the FID in the near to midterm,” he said.
He specifically cited the $10 billion Bonga South project, which he said is expected to come on stream in 2027.
“The $10bn Bonga South will come in 2027 and within the next four to five years, we are expecting almost an additional one million barrels additional per day,” Amadasu said.
The projected increase would represent a significant boost to Nigeria’s current crude oil and condensate output if the projects proceed as anticipated.
Beyond increasing petroleum production and attracting investment, Amadasu said the executive order could stimulate growth in Nigeria’s marine economy and create demand for expanded logistics and marine infrastructure.
He said the country would need to strengthen its marine and logistics capacity to support the scale of deep offshore activity expected from the new investment framework.
“It aims to make Nigeria the regional hub for deep offshore projects,” Amadasu said.
The NUPRC executive also identified potential growth in Nigeria’s reserves, technology and skills transfer, as well as employment opportunities, among the expected benefits of increased deep offshore investment.
The executive order therefore seeks to improve the investment environment for deep offshore oil and gas developments at a time when Nigeria is looking to increase upstream production and attract fresh capital into the petroleum sector.
However, the projected additional one million barrels per day remains dependent on the progression of the approved projects, operators reaching Final Investment Decisions and the successful execution of the developments.
