NNPC to Implement New Oil Contract Framework Post-Approval
The Nigerian National Petroleum Company Limited (NNPC) announced its readiness to implement an amended Production Sharing Contract (PSC) framework following the approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, by President Bola Tinubu. NNPC Group Chief Executive Officer Bayo Ojulari stated that this new framework will replace previous case-by-case negotiations with a more transparent regime, providing greater certainty for investors in Nigeria's deep offshore petroleum sector.
The policy is projected to unlock up to $50 billion in new investments, with the Bonga South West project anticipated to be the first beneficiary. Ojulari emphasized that the new framework would enhance economic activity, create jobs, and deepen local supply chains, contributing to Nigeria's goal of achieving a production target of 3 million barrels per day by 2030.
The initiative is part of broader efforts by the Federal Government to improve the investment climate in Nigeria's oil and gas sector.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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