Tinubu Signs Offshore Oil Incentives Order 2026
On [exact date not provided], President Bola Ahmed Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026, aimed at revitalizing investment in Nigeria's offshore oil field development. The order could unlock up to $50 billion in investments, beginning with the approximately $10 billion Bonga South West project.
Tinubu emphasized the necessity of the order due to idle offshore assets and the urgency to utilize resources for economic development. The order ensures that existing deep offshore leases can reach Final Investment Decision (FID) by December 31, 2029, qualifying for full standard incentives.
It details a Standard Production Tax Credit (Standard PTC) for project developments based on production levels and reserves, with specific rates for crude oil and gas. The order also stipulates profit-sharing contracts between the government and developers, aiming to provide clarity and assurance to investors.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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