The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the newly signed Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 has the potential to attract up to $50 billion in investments and boost Nigeria’s crude oil and condensate production by an additional one million barrels per day.
The Commission Chief Executive (CCE), NUPRC, Mrs Oritsemeyiwa Eyesan, said the executive order signed by President Bola Tinubu would establish a transparent, rules-based investment framework capable of driving the next phase of Nigeria’s deep offshore oil and gas development.
Eyesan, who spoke through the Executive Commissioner for Development and Production, Engineer Enorense Amadasu, said Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, with deep offshore operations accounting for 24 per cent of total oil production and 19 per cent of gas production.
While adding that Nigeria has already produced more than 4.6 billion barrels from its deep offshore assets describing the achievement as equivalent to about 5,000 tanker cargoes, Amadasu however noted that the new policy framework would create greater opportunities for investment and production growth in the sector.
He also revealed that several Field Development Plans (FDPs) worth billions of dollars had already received the Commission’s approval, as he expressed confidence that the executive order would allow international oil companies to take quicker Final Investment Decisions (FIDs).
According to the executive commissioner, the $10 billion Bonga South project, expected to commence production in 2027, is one of the key developments that would contribute to the anticipated production increase, saying nine projects with approved FDPs are expected to move toward FIDs in the near- to medium-term, potentially adding almost one million barrels per day within the next four to five years.
He added that the executive order would stimulate growth in related sectors, particularly the marine and logistics industries, which would need to expand capacity to support the expected increase in offshore activities.