WorldStage— The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 signed by President Bola Ahmed Tinubu could unlock up to $50 billion in investments and facilitate the production of an additional one million barrels per day of crude oil and condensate from Nigeria’s deep offshore fields.
The Executive Commissioner, Development and Production, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Enorense Amadasu, disclosed this on Tuesday during a live appearance on NTA, hosted by Cyril Stober.
Amadasu, who represented the NUPRC Chief Executive Officer, said the new policy had established a transparent and rules-based investment framework capable of supporting the next generation of deep offshore oil and gas developments.
According to him, 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.
“We are on the right path, all thanks to Mr. President. It will be a huge leap. As of today, we have mined over 4.6 billion barrels from deep offshore assets. In cargo terms, that is about 5,000 tankers,” he said.
The NUPRC executive commissioner explained that the new incentive framework would create greater opportunities for investment in deep offshore projects and encourage international oil companies (IOCs) to take quicker Final Investment Decisions (FIDs).
He said several Field Development Plans (FDPs) involving billions of dollars had already been approved by the NUPRC, with investors now expected to progress to the FID stage.
“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.
“The $10 billion Bonga South will come in 2027 and within the next four to five years, we are expecting almost an additional one million barrels per day,” Amadasu stated.
He said the expected increase in deep offshore activities would also stimulate growth beyond crude oil production, particularly in Nigeria’s marine economy.
According to him, the country’s logistics and marine infrastructure would have to expand significantly to support the anticipated increase in deep offshore projects and associated activities.
“It aims to make Nigeria the regional hub for deep offshore projects,” he said.
Amadasu further identified increased reserves, technology and skills transfer, as well as job creation among the other potential benefits of the Executive Order.
He said the reforms were therefore expected to strengthen investment confidence in Nigeria’s deep offshore sector while positioning the country to maximise its offshore hydrocarbon resources.
