…Project expected to become one of Nigeria’s largest deep-water developments, targeting 175,000 barrels of oil per day at peak production The Nigerian National Petroleum Company Limited (NNPC) and the contractor parties to Oil Mining Lease (OML) 118 have executed key contractual agreements to advance the Bonga Southwest/Aparo (BSWAp) deep-water project towards Final Investment Decision …
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, …
The Nigerian National Petroleum Company Limited (NNPC) has declared that the Federal Government's newly signed Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026 will serve as a catalyst for achieving Nigeria's ambitious production target of 3 million barrels of oil per day by 2030. The landmark reform, officially titled the Deep Offshore …
In a major move aimed at restarting Nigeria's deepwater energy sector, President Bola Tinubu has approved a reform package expected to unlock up to $50 billion in new deep offshore oil and gas investments. The reform, codified under the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, fundamentally shifts Nigeria's approach to …
Nigeria is set to attract between $30 billion and $50 billion in investment from 22 major offshore oil and gas projects scheduled to launch between 2026 and 2030. The Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan, stated this in Lagos on Wednesday, August 5, 2026, at the Society of Petroleum Engineers’ Nigeria Annual International Conference …
Leaders and key stakeholders in Nigeria's oil and gas industry have called for deeper collaboration among operators, regulators, investors, and financiers to build a resilient energy sector capable of weathering global disruptions. The appeal came during the 49th Society of Petroleum Engineers (SPE) Nigeria Annual International Conference & Exhibition (NAICE) 2026, held in Lagos on …
The recent escalation of conflict in the Middle East, involving the US, Israel, and Iran, has highlighted the vulnerability of Nigeria to global energy shocks despite being a major oil producer, as fuel prices. The conflict has once again highlighted a significant paradox in the Nigerian economy: while a rise in global crude prices (now …
President Bola Tinubu has approved the Final Investment Decision (FID) on the Bonga Southwest deepwater project, estimated to attract about $20 billion in Foreign Direct Investment into Nigeria. This marks a significant step in Nigeria’s quest to attract strategic investments and accelerate sustainable economic growth. According to a statement by Andy Odeh, Chief Corporate Communications …
President Bola Tinubu, on Thursday, presided over a meeting that led to the resolution of a dispute between the Nigerian government, multinational oil giant ENI, and the Nigerian Agip Exploration Limited (NAEL) on the Prospecting Licence (OPL) 245. The resolution was sealed with a historic settlement agreement between the Federal Government, ENI, and Agip. According …
Professor Wumi Iledare, a renowned expert in petroleum economics and Professor Emeritus at Louisiana State University, has reacted to President Bola Tinubu’s Executive Order 9 of 2026, directing the restructuring of oil and gas revenue remittances to the Federation Account. The order signed by President Tinubu on February 13 but announced on February 18, 2026, …
