A new executive order signed by President Bola Tinubu is set to unlock an additional one million barrels per day (mbpd) of crude oil and condensate from Nigeria’s deep offshore fields, alongside $50 billion in investments, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Engineer Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production, who spoke on NTA’s Tuesday Live, stated that the reform creates a transparent, rules-based framework to support next-generation offshore developments.
Currently, Nigeria produces 1.7mbpd total, with deep offshore contributing 24% of oil and 19% of gas.
READ ALSO:
- Nigeria Targets $50bn Investment from 22 Offshore Oil & Gas Projects
- Frontier Basins Draw Investors’ Interest as 31 Firms Win Oil and Gas Assets
- Nigeria’s Offshore Reforms To Drive 3m bpd Target — NNPC
- ExxonMobil’s Force Majeure Declaration on 200,000bpd Erha Oil Field Threatens Nigeria’s Output
“We have mined over 4.6 billion barrels from deep offshore assets—about 5,000 tankers,” Amadasu noted, adding that the order will encourage IOCs to speed up Final Investment Decisions (FIDs) on already-approved Field Development Plans worth billions.
Key projects include the $10 billion Bonga South, expected in 2027, with nearly 1mbpd additional output anticipated within four to five years.
The order also aims to expand Nigeria’s marine logistics base, making it the regional hub for deep offshore projects, while boosting reserves, technology transfer, and job creation.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X