Nigeria oil production rises amid new deep offshore incentives

Nigeria is seeing a rise in oil and condensate production, which reached approximately 1.735 million barrels per day in June. This represents a fourth consecutive monthly increase, driven by improved security of oil assets and a reduction in pipeline losses to historical lows.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) attributes the production surge to increased stability in the Niger Delta, aided by the operations of Tantita Security Services Nigeria Ltd (TSSNL).

Looking forward, the NUPRC stated that the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, signed by President Bola Tinubu, is expected to unlock an additional one million barrels per day from deep offshore fields within four to five years. This new fiscal framework is projected to attract up to $50 billion in fresh investments by providing a more transparent, rules-based environment for deep offshore developments.