By Our Correspondent<\/p>\n
In abid to enhance the nation’s revenue earnings,President Bola Tinubu just signed the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, and it\u2019s designed to do two big things at once: pull in up to $50 billion in fresh capital and add roughly one million barrels per day of crude and condensate from Nigeria\u2019s deepwater fields.<\/p>\n
Speaking Tuesday on NTA with Cyril Stober, Engineer Enorense Amadasu, Executive Commissioner for Development and Production at the Nigerian Upstream Petroleum Regulatory Commission, represented the Commission Chief Executive. <\/p>\n
Amadasu said the order sets up a clear, rules-based investment structure built for the next wave of deep offshore projects. The goal is to cut red tape so international oil companies can move from plan to payout faster.<\/p>\n
Right now Nigeria produces about 1.7 million barrels per day of crude and condensate. Deep offshore still plays a smaller role: around 24% of total oil output and 19% of gas.<\/p>\n
Amadasu credited the President for steering the sector forward.
\n\u201cWe 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,\u201d he said. He added that the new framework now opens more room for growth in deepwater.<\/p>\n
The volumes won\u2019t appear from nowhere. Nine projects already have Field Development Plans worth billions approved by NUPRC. The next milestone is Final Investment Decision, and the EO is meant to speed that up.<\/p>\n
\u201cSo, 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 $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,\u201d Amadasu stated.<\/p>\n
The order isn\u2019t just about wells. Amadasu pointed to the wider marine economy. To handle the coming surge, Nigeria will need to expand its logistics and marine base to support deepwater operations.<\/p>\n
The broader ambition: position Nigeria as the go-to regional center for deep offshore projects in West Africa.<\/p>\n
According to the Executive Commissioner, the incentives also deliver: Bigger reserves;:more oil and gas booked for the future,Technology and skills transfer, new expertise coming into local teams .New jobs, employment across drilling, services, and support industries.<\/p>\n
In a statement issued by Head, Media and Corporate Comm, Eniola Akinkuotu the 2026 EO ties tax relief to tangible output, with $50bn in investment, 1 million bpd more production, nine shovel-ready projects, and a push to make Nigeria\u2019s deepwater the hub for the region<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent In abid to enhance the nation’s revenue earnings,President Bola Tinubu just signed the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, and it\u2019s designed to do two big things at once: pull in up to $50 billion in fresh capital and add roughly one million barrels per day […]<\/p>\n","protected":false},"author":2,"featured_media":13973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-16882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/16882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=16882"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/16882\/revisions"}],"predecessor-version":[{"id":16883,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/16882\/revisions\/16883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/13973"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=16882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=16882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=16882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}