Bola Tinubu's Executive Order 9: Unlocks $50bn Deep Offshore Oil and Gas Investments

• President Bola Tinubu's Executive Order 9 has the potential to unlock $50bn in investments.
• The order aims to improve the economics of deep offshore oil and gas projects by providing tax incentives and a more predictable framework for investors.
• Nine projects have already received approved Field Development Plans, with companies expected to take Final Investment Decisions before development can commence.

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

Nigeria's oil production outlook is poised for significant alteration as President Bola Tinubu's Executive Order 9, also known as the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026, has the potential to unlock $50bn in investments. This executive order could accelerate investment decisions on major projects that have already received regulatory approvals, potentially leading to an additional one million barrels per day of crude oil and condensate from deep offshore fields within four to five years.

The NUPRC's Executive Commissioner for Development and Production, Enorense Amadasu, emphasized the importance of this order in improving the economics of deep offshore oil and gas projects. By providing tax incentives and a more predictable framework for investors, the reform could open a new phase of investment in Nigeria's offshore petroleum industry.

With over 4.6 billion barrels already mined from deep offshore assets, Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate. Deep offshore fields account for approximately 24% of the country's oil production and 19% of gas output.

Nine projects have already received approved Field Development Plans, leaving companies to take Final Investment Decisions before development can commence. The new framework established by Executive Order 9 is designed to create greater opportunities for investment and support the next generation of deep offshore projects.

The executive order has been hailed as a significant step towards unlocking Nigeria's vast oil reserves. By providing a transparent and rules-based investment framework, it aims to encourage international oil companies and other investors to move faster in taking Final Investment Decisions on the approved projects.

The anticipated projects could create opportunities across various sectors of the economy, particularly Nigeria's maritime industry.

Nigeria is on the cusp of a major leap forward in its oil production capacity. The Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026, has the potential to add nearly one million barrels per day of crude oil and condensate to Nigeria's production within four to five years.

This significant increase would represent a major boost to Nigeria's current production levels. With deep offshore fields accounting for approximately 24% of the country's oil production and 19% of gas output, the executive order could have far-reaching implications for Nigeria's economy.

Lawyers advising clients on deep offshore oil and gas projects in Nigeria should watch for the potential impact of Executive Order 9 on their investments, as it could unlock significant new revenue streams and alter the country's oil production outlook.

Source: Original reporting via NUPRC