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  By AfreecanImage News Desk ABUJA, Nigeria — August 11, 2026: President Bola Ahmed Tinubu has approved a new Deep Offshore Investment Framework designed to unlock up to US$50 billion in new investment and revive major capital-intensive offshore oil and gas projects that have remained stalled for years. According to the statement issued by the Presidency, the reform replaces project-by-project negotiations with a transparent, rules-based investment framework , aimed at providing greater certainty to investors while strengthening Nigeria's competitiveness for international capital. Bonga South West Project to Lead Investment Push The framework is expected to support the next generation of deep offshore developments, beginning with the approximately US$10 billion Bonga South West project . The Presidency said the initiative is intended to restart large offshore developments while creating a more predictable investment environment for oil and gas companies. The framework is ...

By AfreecanImage News Desk Nigeria’s crude oil production fell by about 4 per cent month-on-month in July , although the country continued to produce above its Organisation of the Petroleum Exporting Countries (OPEC) quota, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The decline was attributed largely to operational challenges at the Erha and Akpo oil fields , which affected national production during the month. Nigeria Records 1.67 Million Barrels Daily Output NUPRC data showed that Nigeria recorded average crude oil production of 1.505 million barrels per day (mbpd) in July, alongside approximately 0.17 mbpd of condensate . Combined crude and condensate production therefore averaged about 1.67 million barrels per day . Production peaked at approximately 1.78 mbpd during the month, while the lowest daily output was reported at about 1.57 mbpd . Despite the monthly decline, Nigeria's crude production remained above its 1.5 million barrels...