The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 recently signed by President Bola Tinubu has the potential not only to unlock $50 billion in investments but can also create an additional one million barrels per day of crude oil and condensate from deep offshore fields.
The Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, said this when she appeared on Tuesday Live on NTA hosted by Cyril Stober.
The NUPRC CCE, who was represented by the Executive Commissioner, Development and Production of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Enorense Amadasu, explained that the reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments.
Amadasu noted that presently, Nigeria produces about 1.7mbpd of crude oil and condensate but deep offshore accounts for just about 24% of total oil production and19% of gas.
“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 over 5,000 tankers,” he said, adding that this new framework now creates greater opportunities deep offshore.
