Nigeria has mined over 4.6 billion barrels of crude oil from deep offshore assets worth over 5,000 tankers.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), revealed this on Tuesday Live on NTA hosted by Cyril Stober.

The Commission Chief Executive, Oritsemeyiwa Eyesan, represented by the Executive Commissioner, Development and Production of the NUPRC, Engineer Enorense Amadasu, asserted that the achievement was made possible by the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order (EO) 2026 recently signed by President Bola Ahmed Tinubu.

She added that the EO 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.

Eyesan explained that the reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments.

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She noted that presently, Nigeria produces about 1.7mbpd of crude oil and condensate but deep offshore accounts for just about 24 percent of total oil production and 19 percent of gas.

Eyesan pointed out that with Field Development Plans (FDPs) running into billions of dollars already approved by the NUPRC, the executive order will encourage IOCs to make quicker Final Investment Decisions (FIDs).

“So, where will these volumes be coming from? Nine of these projects have approved FDPs so the next step expected is the FID in the near to midterm.

The $10bn Bonga South will come in 2027 and within the next four to five years, we are expecting almost an additional one million barrels additional per day,” she stated.

According to Eyesan, the executive order also presents an opportunity for other sectors like the marine economy which will need to expand Nigeria’s logistics/marine base so the country can sustain the volume of deep offshore projects being expected.

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

Other benefits of the executive order as explained by CCE include: growth in reserves, technological/skills transfer and new jobs.

Brent crude closed above $90 per barrel on Monday as Iran threatened to launch a military offensive in the Strait of Hormuz if diplomatic efforts to end its war with the United States fail.

The benchmark Brent crude was quoted at $90.53 per barrel as of Monday evening, gaining $2.01, or 2.27 per cent, according to oilprice.com. US West Texas Intermediate crude also climbed to $84.25 per barrel, up $1.85, or 2.25 per cent.

According to Reuters, the rise followed renewed tensions around the strategic Strait of Hormuz after a senior Iranian official told the news agency that Tehran had shifted its policy from defensive to “fully offensive” because of a deadlock in efforts to secure a permanent end to the war.

The official said Iran was prepared to take military action in the Strait of Hormuz if diplomatic efforts failed. “Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region, as Iran will be ready to make decisions and take action on difficult decisions,” the official told Reuters.

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He added that Tehran would conduct a “timely and precise” military attack to break the United States naval blockade if diplomacy failed.

The development threatens to further disrupt tanker movements through Hormuz, a key global energy corridor, at a time when efforts to restore oil traffic through the waterway have stalled.

According to Reuters, progress towards peace talks and the resumption of oil tanker traffic through the Strait of Hormuz has ground to a halt, with neither side showing signs of moving towards an end to the conflict.

The latest escalation came on the day Iran and the United States were expected to reach a final agreement under a memorandum of understanding signed in June.

The June 17 memorandum provided a 60-day timeframe for Washington and Tehran to reach a broader agreement concerning Iran’s nuclear programme and US sanctions.

The interim agreement, which called for the “immediate and permanent termination of military operations on all fronts”, however, quickly collapsed over disagreements concerning control of the Strait of Hormuz.

The waterway, which is shared by Iran and Oman, is a major route for global energy supplies. It was reported that about a fifth of global oil and liquefied natural gas flowed through the strait before the war.

Tehran maintains that the June agreement gave it the right to manage the waterway, while Washington rejected that interpretation.

The dispute subsequently contributed to the resumption of hostilities, with Iran firing on vessels it said were attempting to sail through the strait using an unauthorised route.

US President Donald Trump subsequently declared on July 7 that the agreement was over.

The Iranian official told Reuters that Tehran had now given the United States only a short period to implement all the provisions of the agreement before further negotiations could take place.

“Within the short period of a few weeks set by Iran, all the agreement’s provisions must be implemented by the U.S. This is a precondition for further negotiations with the US,” the official said.

Mediators are expected to communicate Iran’s deadline to Washington and other regional countries. Iran is also separately negotiating with Oman over the management of the Strait of Hormuz, with Tehran saying the two countries are close to an agreement despite slow progress.

The situation was further complicated by Trump’s warning to Oman during a phone interview with Fox News on Monday. “If Oman gets in the way, we’ll bomb the shit out of them,” Trump said, according to Reuters.

Earlier, Trump said Iran should surrender, telling Fox News that Tehran “should put up the white flag of surrender”. The renewed threats have heightened concerns over the security of shipping through Hormuz and helped push crude prices higher on Monday.

The price movement also comes after oil had traded below the $80 mark earlier in the month amid expectations that tensions around the waterway could ease. Monday’s Brent price of $90.53 therefore represented a fresh rise above the $90 threshold, while WTI stood at $84.25 per barrel.

A call has been made for stronger collaboration among government, the private sector and other industry stakeholders to maximise the economic and industrial opportunities presented by compressed natural gas (CNG) in Nigeria.

The National Automotive Design and Development Council (NADDC) and the National CNG Forum (NCNG-F) made the call when a delegation of the National CNG Forum, led by its chairman, Faruk Abdullahi, visited the NADDC headquarters in Abuja on Wednesday, August 12, 2026.

The delegation was on a mission to discuss the future of CNG and its growing importance to the development and transformation of Nigeria’s automotive industry.

Speaking during the engagement, the Director-General/Chief Executive Officer of NADDC, Otunba Oluwemimo Joseph Osanipin, highlighted Nigeria’s abundant natural gas resources and the economic advantages of CNG as alternative fuel.

Osanipin noted that CNG is cheaper to maintain and more sustainable than Premium Motor Spirit (PMS), stressing that its wider adoption could significantly reduce the cost of mobility while delivering broader economic benefits to the country.

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According to the NADDC DG, Nigeria’s transition to CNG goes beyond changing the type of fuel used by vehicles, as it also presents an opportunity to stimulate industrial development, create jobs and strengthen the country’s automotive sector.

He said the potential benefits of CNG could only be fully realised through the collective efforts of government, the private sector, industry stakeholders and relevant organisations capable of bringing together the challenges, opportunities and practical solutions required to build a sustainable CNG ecosystem.

Osanipin therefore called for sustained collaboration among stakeholders to ensure that the CNG transition delivers cleaner and more affordable mobility while promoting local manufacturing, skills development, innovation and employment generation.

Earlier, the Chairman of the National CNG Forum, Faruk Abdullahi, expressed confidence in a fruitful partnership with the Council towards the successful implementation of Nigeria’s CNG policy.

Abdullahi identified technical standards and quality assurance, local content and indigenous manufacturing, skills development, and research and innovation as key areas where the NADDC and NCNG-F could collaborate.

He described the NADDC as a strategic partner in the development of Nigeria’s automotive and CNG ecosystem, stressing that the transition to CNG must go beyond a change of fuel and become a catalyst for automotive industrialisation, local content development, skills acquisition, innovation and job creation.

The NCNG-F Chairman added that the National CNG Forum was committed to bringing the practical experience and perspectives of industry stakeholders to the table while supporting the objectives of the Federal Government.

Abdullahi also emphasised the need for stronger cooperation between government agencies and the private sector to address existing challenges and maximise the opportunities created by CNG.

The engagement, therefore, underscored the shared commitment of both organisations to developing a robust CNG ecosystem capable of supporting Nigeria’s clean and affordable mobility goals while strengthening local automotive manufacturing and contributing to wider economic development.