NNPC Ltd. Applauds Deep Offshore Incentive Order, 2026

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. This reform enhances Nigeria’s competitiveness for deep offshore investment and aims to achieve a production target of 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, expected to unlock over $50 billion in new investments. Key projects include Bonga South-West, approved in March 2026, and the Zabazaba and Owowo Deep Offshore projects.

Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd., described the Order as a significant policy intervention for the upstream sector, emphasizing its role in attracting global investors.

He noted that recent reforms have already stimulated over $34 billion in new investment commitments. The GCEO thanked President Bola Ahmed Tinubu for his leadership in creating an enabling environment for investment in Nigeria’s energy sector.