Deep offshore projects may boost Nigeria’s marine economy — NUPRC

By Firdaus Jibril

Nigeria’s push to expand deep offshore oil production could create new opportunities for the country’s marine and logistics industry as operators prepare to develop more offshore projects, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.

The Commission’s Executive Commissioner, Development and Production, Enorense Amadasu, said the expected increase in deep offshore activity would require Nigeria to strengthen its marine infrastructure and logistics capacity.

Amadasu spoke during an appearance on NTA’s Tuesday Live, where he represented the NUPRC Chief Executive, Oritsemeyiwa Eyesan.

He said the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 could help accelerate investment in offshore developments by providing investors with a more predictable framework.

According to him, Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, while deep offshore operations contribute about 24 per cent of oil production and 19 per cent of gas output.

He said the country had already produced more than 4.6 billion barrels from deep offshore assets, but the sector still had significant room for further development.

Amadasu said nine deep offshore projects already had approved Field Development Plans (FDPs), with operators expected to proceed towards Final Investment Decisions (FIDs).

He identified the $10 billion Bonga South project, expected to come on stream in 2027, as one of the major developments that could contribute to future production growth.

The NUPRC official said the expected increase in offshore activity would have implications beyond oil production, particularly for Nigeria’s marine economy.

He said the country would need to expand its logistics and marine base to support the volume of deep offshore projects expected to be developed.

“It aims to make Nigeria the regional hub for deep offshore projects,” Amadasu said.

He added that the development of the sector could also support growth in reserves, technology and skills transfer and job creation.

The comments come on the backdrop of the Federal Government’s new fiscal incentives for deep offshore projects, which the NUPRC said could help operators move approved developments towards investment decisions.