Deep Offshore Incentive Order to Unlock $50bn Investment, Boost Oil Output — NNPC
By Pan Afric Reporters
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said the Federal Government’s new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, will unlock more than $50 billion in fresh investments and accelerate Nigeria’s drive towards producing three million barrels of crude oil per day by 2030.
In a statement signed by Andy Odeh, Chief Corporate Communications Officer, NNPC Limited, on August 13, 2026, the company described the new fiscal framework as a major reform capable of restoring Nigeria’s competitiveness in deep offshore oil and gas investment.
According to NNPC Ltd., the Order provides a transparent, predictable and globally competitive fiscal regime for qualifying greenfield deep offshore projects, offering investors greater certainty to commit long-term capital and take Final Investment Decisions (FIDs) on major developments.
The company said the framework is expected to facilitate more than $50 billion in new investments, including the Bonga South-West, Zabazaba and Owowo Deep Offshore projects. Bonga South-West, which received approval in March 2026, is expected to become the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008.
Speaking on the development, NNPC Ltd. Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, described the Order as one of the most significant policy interventions in Nigeria’s upstream petroleum 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,” Ojulari said.
He explained that fiscal certainty remained a critical factor in investment decisions, adding that the new framework provides the clarity that investors in the sector have long sought.
Ojulari said the policy was also aligned with NNPC Ltd.’s strategy of protecting existing production, accelerating near-term growth and attracting fresh investments 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,” he added.
The NNPC chief executive disclosed that recent reforms in the petroleum sector had already generated more than $34 billion in new investment commitments, expressing confidence that the Deep Offshore Incentives Order would build further momentum and facilitate timely FIDs on strategic offshore projects.
He commended President Bola Ahmed Tinubu for what he described as his sustained commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector, particularly through a series of Presidential Executive Orders aimed at strengthening the oil and gas industry.
The company said the new incentive framework would reinforce Nigeria’s position as an attractive destination for deep offshore oil and gas development while supporting increased production, improved energy security and long-term economic value.
NNPC Ltd. further reaffirmed its commitment to attracting responsible investment, sustaining production growth and maximising the value of Nigeria’s petroleum resources for the benefit of the Federation.
