Nigeria has extracted more than 4.6 billion barrels of oil from its deep offshore fields so far.
Speaking recently, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said this volume equals roughly 5,000 tanker cargoes. She noted that the new Deep Offshore Oil and Gas Project Incentives signed by President Bola Tinubu will help unlock even more production from these areas.
The incentive is expected to add one million barrels per day of crude oil and condensate from deepwater fields. It sets up a clearer investment framework that should encourage international oil companies to move faster on major projects already approved by the regulator.
Currently, deep offshore accounts for about 24 percent of Nigeria’s total oil output and 19 percent of its gas production. Several large projects with approved development plans are lined up, including the $10 billion Bonga South field, which is expected to come on stream in 2027. Combined, these projects could deliver nearly one million barrels per day in additional output within the next four to five years.
