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 Projects Incentives (Tax Remission) Executive Order, 2026, recently signed by Tinubu, aims 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, stated that nine projects have already received approved Field Development Plans, with the next step being Final Investment Decisions in the near to midterm, with the potential for an additional $10 billion in investments from projects like the $10 billion Bonga South project.

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