His Excellency, President Bola Ahmed Tinubu has signed the Executive Orders on oil and gas reforms. The President has directed his Special Adviser on Energy, Olu Verheijen to coordinate stakeholders to ensure the implementation of the directives within a stipulated timeframe.
Below are brief Takeaways of The Executive orders:
(1) Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
(2) Streamlining of contracting process to compress the contracting cycle to six months.
(3) The application of the local content requirements without hindering investments or the cost competitiveness.
The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.