NNPC Hails Deep Offshore Tax Order, Says Will Unlock $50bn Investment

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, saying the reform will attract about US$50 billion in new investment to Nigeria’s deepwater sector.

NNPC disclosed this on Wednesday, describing the newly signed Tax Remission Order as a landmark reform for the upstream sector.

According to the company, the framework will provide the fiscal certainty needed to unlock long‑term capital, speed up Final Investment Decisions (FIDs) and maximise value from the nation’s offshore resources.

NNPC named Bonga South‑West, Zabazaba and Owowo as early beneficiaries of the incentive. Bonga South‑West — approved in March 2026 — is expected to be the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008.

Group chief executive officer of NNPC Ltd., Bashir Bayo Ojulari, called the Order one of the most significant upstream policy interventions 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,” he said.

“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought.”

Ojulari added that the Order aligns with NNPC Ltd.’s strategy to protect existing production, accelerate near‑term growth and attract investment into high‑value assets. He said the measure strengthens confidence in the company’s target to reach 3 million barrels of oil per day (MMbopd) by 2030 while creating greater value for shareholders and the Nigerian economy.

The GCEO noted that recent sector reforms have already attracted more than US$34 billion in investment commitments, and 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 for his leadership and for using Presidential Executive Orders to create a more enabling environment for investment and sustainable growth in Nigeria’s oil and gas sector.

NNPC Ltd. said the milestone reinforces its commitment to driving sustainable production growth, attracting responsible investment, strengthening energy security and delivering long‑term value to the Federation.