By Ayodele Quadri, Lagos Times Correspondent
ABUJA, NIGERIA — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared that the newly signed Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026 (Executive Order 9) will unlock up to $50 billion in foreign direct investments and expand Nigeria’s crude oil and condensate production by an additional 1 million barrels per day (mbpd).
Speaking on Tuesday during a broadcast appearance on NTA’s Tuesday Live, the Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan—represented by the Executive Commissioner for Development and Production, Enorense Amadasu—highlighted that the reform introduces transparent, rules-based fiscal terms that replace decades of protracted, project-by-project negotiations.
Key Takeaways from the NUPRC Briefing
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Adding 1m bpd to National Production: Nigeria currently produces approximately 1.7 million bpd of crude oil and condensate. The incentive framework aims to push total output well past 2.5 million bpd as stalled offshore projects achieve Final Investment Decisions (FIDs).
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Deep Offshore Strategic Share: Deepwater assets currently account for 24% of Nigeria’s oil production and 19% of total gas output. Historically, Nigeria has mined over 4.6 billion barrels from deep offshore fields (roughly 5,000 cargoes).
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Bonga South West Kickstart: The first major beneficiary under Executive Order 9 is Shell’s long-delayed $10 billion Bonga South West Aparo project.
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FID Cut-Off Window: Existing leaseholders have until December 31, 2029, to reach Final Investment Decisions and qualify for the full standard tax remission incentives.
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Enforced Local Content: The order mandates that engineering, fabrication, and marine logistics work for qualifying projects be performed within Nigeria to position the nation as West Africa’s primary offshore hub.
