Tinubu's Executive Order 2026 to Boost Oil Production

The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 was recently signed by President Bola Tinubu. This executive order is projected to unlock $50 billion in investments and create an additional one million barrels per day of crude oil and condensate from Nigeria's deep offshore fields.

Mrs. Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), discussed this initiative during an appearance on Tuesday Live on NTA, hosted by Cyril Stober. Engineer Enorense Amadasu, the Executive Commissioner for Development and Production at NUPRC, represented Eyesan and explained that the reform establishes a transparent, rules-based investment framework to support future deep offshore developments.

Currently, Nigeria produces about 1.7 million barrels per day of crude oil and condensate, with deep offshore fields contributing approximately 24% of total oil production and 19% of gas. Amadasu stated that over 4.6 billion barrels have been extracted from deep offshore assets, equating to over 5,000 tankers.