Odimmegwa Johnpeter/Abuja
The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 recently signed by President Bola Tinubu has the potential not only to unlock $50bn in investments but can also create an additional one million barrels per day of crude oil and condensate from deep offshore fields.
The Executive Commissioner, Development and Production of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Enorense Amadasu, who represented the Commission Chief Executive, said this on Tuesday Live on NTA hosted by Cyril Stober.
Amadasu noted that presently, Nigeria produces about 1.7mbpd of crude oil and condensate but deep offshore accounts for about 24% of total oil production and 19% of gas.
“We 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 almost 5,000 tankers,” he said, adding that this new framework now creates greater opportunities in the deep offshore.
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