NNPC Limited has declared that the signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 as a landmark reform that will significantly accelerate Nigeria’s competitiveness for deep offshore investment.
It added that the signing of the Order by the Federal Government would strengthen the nation’s pathway towards achieving its 3 million barrels of oil per day (MMbopd) production ambition by 2030.
The national oil company stated this in a press release by its Chief Corporate Communications Officer, Andy Odeh, on Thursday.
Essence of the Deep Offshore Incentive Order
The new Order established a transparent, predictable and globally competitive fiscal framework for qualifying greenfield deep offshore developments.
It provided the certainty required to unlock long-term capital, accelerate Final Investment Decisions (FIDs), and maximise value from Nigeria’s offshore resources.
The framework, which reinforced Nigeria’s position as one of the world’s attractive destinations for deep offshore oil and gas development, was expected to unlock over US$50 billion in new investments.
This included major projects, starting with Bonga South-West which was approved in March 2026, and the Zabazaba and Owowo Deep Offshore projects.
Bonga South-West was expected to be the first FID on a Nigeria
deepwater Production Sharing Contract asset since 2008.
Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, described the Order as one of the most significant policy interventions for the upstream sector in recent years.
“This is a transformative reform that sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development.
“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought.”
He added: “For NNPC Ltd., the Order aligns directly with our strategy of protecting our existing production base, accelerating near-term growth, and attracting new investment into high-value assets.
“It strengthens our confidence in achieving our strategic production ambition of 3 MMbopd while creating greater value for our shareholders and the Nigerian economy.”
The GCEO noted that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments.
Expectedly, the Deep Offshore Incentives Order would build on that momentum by enabling timely FIDs on strategic offshore developments.
Ojulari thanked President Bola Tinubu for his relentless leadership and unwavering commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector through several Presidential Executive Orders which have strengthened the nation’s oil and gas sector.
The milestone, it was further stated in the release, reinforced the company’s commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.
