NNPC: Deep Offshore Incentive to Unlock $50bn Investment, Boost Oil Output

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 will significantly improve Nigeria’s competitiveness for deep offshore investment and strengthen the country’s efforts to achieve its target of 3 million barrels of oil per day (MMbopd) by 2030.

This was contained in a statement issued by Andy Odeh, Chief Corporate Communications Officer of NNPC Ltd., and made available to journalists in Abuja.
The new Order establishes a transparent, predictable and globally competitive fiscal framework for qualifying greenfield deep offshore developments. It is expected to provide the certainty needed to unlock long-term capital, accelerate Final Investment Decisions (FIDs) and maximise value from Nigeria’s offshore resources.
The framework is also expected to reinforce Nigeria’s position as an attractive destination for deep offshore oil and gas development and unlock more than US$50 billion in new investments. These include major projects such as Bonga South-West, which was approved in March 2026, as well as the Zabazaba and Owowo Deep Offshore projects. Bonga South-West is expected to become the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008.
Speaking on the development, the 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.
He said the reform sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development, stressing that fiscal certainty remains a critical driver of investment decisions.
According to him, the new framework provides the additional clarity the industry has long sought and aligns directly with NNPC Ltd.’s strategy of protecting its existing production base, accelerating near-term growth and attracting new investment into high-value assets.
Ojulari added that the Order strengthens NNPC Ltd.’s confidence in achieving its strategic production ambition of 3 MMbopd, while creating greater value for shareholders and the Nigerian economy.
The GCEO noted that recent reforms across the petroleum sector have already generated more than US$34 billion in new investment commitments. He said the Deep Offshore Incentives Order would build on that momentum by enabling timely FIDs on strategic offshore developments.
Ojulari also thanked President Bola Ahmed Tinubu, GCFR, for his leadership and commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector through several Presidential Executive Orders that have strengthened the nation’s oil and gas industry.
NNPC Ltd. said the milestone further reinforces its commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.