Tinubu’s offshore tax order to unlock $50bn, add 1mbpd – NUPRC

President Bola Tinubu's new tax incentive for deep offshore oil and gas projects could 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, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, recently signed by Tinubu, is designed to improve the economics of deep offshore oil and gas projects by providing tax incentives and a more predictable framework for investors. The NUPRC's Executive Commissioner for Development and Production, Enorense Amadasu, revealed these potential gains during an interview, stating that the reform could open a new phase of investment in Nigeria's offshore petroleum industry.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.