Tinubu's offshore tax order could unlock $50bn investment and add 1mbpd to Nigeria's oil production
President Bola Tinubu's new tax incentive for deep offshore oil and gas projects is projected to unlock approximately $50 billion in investments and add nearly one million barrels per day of crude oil and condensate to Nigeria's production within the next four to five years. This was stated by Enorense Amadasu, Executive Commissioner for Development and Production at the Nigerian Upstream Petroleum Regulatory Commission NUPRC. The Deep Offshore Oil and Gas Projects Incentives Tax Remission Executive Order, 2026, also known as Executive Order 9, aims to improve the economics of deep offshore projects by providing tax incentives and a more predictable framework for investors. Amadasu indicated that this reform could accelerate investment decisions on major projects that have already received regulatory approvals. Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, with deep offshore fields contributing about 24 percent of the country’s oil production. Nine projects already have approved Field Development Plans, with the Bonga South project alone expected to contribute in 2027. The NUPRC believes this framework will encourage international oil companies to make Final Investment Decisions, supporting the next generation of deep offshore developments and potentially making Nigeria a regional hub for such projects. Expected benefits include increased oil and gas reserves, technology and skills transfer, and job creation, alongside expanding Nig
