By| Goodluck E.Adubazi, Abuja
The Federal Government has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a major fiscal reform expected to attract more than $50 billion in new investments and accelerate Nigeria’s drive to raise crude oil production to three million barrels per day by 2030.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) described the new order as a landmark intervention capable of strengthening Nigeria’s competitiveness in the global deep offshore oil and gas market while providing investors with greater fiscal certainty.
Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, said the order would provide the stability and predictability required to unlock long-term capital, accelerate Final Investment Decisions (FIDs) and maximise value from the country’s offshore resources.
Ojulari said the development was “one of the most significant policy interventions for the upstream sector in recent years,” stressing that fiscal certainty remained a critical factor in investment decisions.
He said: “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.”
According to him, the new fiscal framework aligns with NNPC Ltd.’s strategy of protecting existing production, accelerating near-term growth and attracting fresh investment into high-value assets.
He expressed confidence that the reform would strengthen the company’s ability to achieve its strategic production target of 3 million barrels per day, while creating greater value for shareholders and the Nigerian economy.
The new order is expected to unlock investment in major deep offshore projects, including Bonga South-West, Zabazaba and Owowo.
Bonga South-West, which was approved in March 2026, is expected to become the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008.
Ojulari disclosed that recent reforms in the petroleum sector had already generated more than $34 billion in new investment commitments, adding that the Deep Offshore Incentives Order would build on the momentum by facilitating timely FIDs on strategic offshore developments.
He commended President Bola Ahmed Tinubu for what he described as his “relentless leadership and unwavering commitment” to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector.
The NNPC chief said several Presidential Executive Orders had strengthened the country’s oil and gas sector and enhanced investor confidence.
The development, NNPC said, reinforces its commitment to sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.
