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Oluwafemi Awodele
1 month ago
Overview
President Bola Tinubu has issued a new Executive Order designed to lower project costs, attract investment, and enhance revenues from oil and gas operations.
The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) introduces performance-based tax incentives for upstream operators who deliver verifiable cost savings that meet defined industry benchmarks, Senan Murray, media contact in the office of the Special Adviser to the President on Energy, said in a statement.
The statement said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will publish these benchmarks annually according to terrain—onshore, shallow water, and deep offshore.
Additionally, it said detailed implementation guidelines for the new Order will be issued in due course.
