The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that the 2026 Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order could attract up to $50 billion in fresh investment and increase Nigeria’s crude oil and condensate production by about one million barrels per day.
President Bola Tinubu approved the executive order on August 11 as part of efforts to revive investment in Nigeria’s deep offshore sector.
Speaking on the Nigerian Television Authority (NTA), NUPRC Executive Commissioner, Development and Production, Enorense Amadasu, said the new framework would provide a more predictable investment environment and accelerate the development of deep offshore projects.
Amadasu, who represented the NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, said Nigeria currently produces about 1.7 million barrels of crude oil and condensate daily, with deep offshore operations accounting for about 24 per cent of crude production and 19 per cent of gas output.
He said more than 4.6 billion barrels of crude had so far been produced from the country’s deep offshore assets.
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According to Amadasu, the commission has approved several multibillion-dollar field development plans, with operators now expected to move towards final investment decisions.
He identified the $10 billion Bonga South project as one of the major developments expected to drive future production growth.
“Within the next four to five years, we are expecting almost an additional one million barrels per day,” he said.
Amadasu said the expected production increase would come from projects with approved development plans, including Bonga South, as well as other projects expected to reach FID in the near to medium term.
He added that the executive order would boost Nigeria’s marine economy by driving demand for logistics, marine transportation and related infrastructure.
The NUPRC official said the policy could also increase reserves, promote technology and skills transfer, create jobs and expand economic opportunities.
He expressed confidence that the new incentive framework would give investors greater certainty, attract international oil companies and accelerate the development of Nigeria’s deep offshore resources.
