By Kwin Israel, The Sight News
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has welcomed the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that strengthens Nigeria’s competitiveness for deep offshore investment and its pathway to producing 3 million barrels of oil per day (MMbopd) by 2030.
The Order establishes a transparent and globally competitive fiscal framework for qualifying greenfield deep offshore developments, providing the certainty needed to unlock long-term capital and accelerate Final Investment Decisions (FIDs).
NNPC said the framework is expected to unlock over $50 billion in new investments, led by the Bonga South-West project approved in March 2026, alongside the Zabazaba and Owowo deep offshore developments. Bonga South-West is expected to be the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008.
Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, described the Order as one of the most significant policy interventions for the upstream sector in recent years.
“Fiscal certainty is a critical driver of investment decisions, and this framework provides the clarity the industry has long sought,” he said, adding that it aligns with NNPC’s strategy of protecting existing production, accelerating near-term growth and attracting investment into high-value assets.
Ojulari noted that recent sector reforms have already spurred more than $34 billion in new investment commitments, which the new Order is expected to build on by enabling timely FIDs on strategic offshore projects. He credited President Bola Tinubu’s Executive Orders for strengthening the enabling environment for investment across Nigeria’s oil and gas sector.
