The Nigerian National Petroleum Company Limited (NNPC) has welcomed the signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark policy that will accelerate deepwater investments and boost national crude production.
The executive order establishes an updated fiscal framework designed to improve Nigeria’s global competitiveness for greenfield offshore projects and provide long-term regulatory certainty for global energy firms.
NNPC Group Chief Executive Officer Bashir Ojulari stated that the tax relief measures are expected to help unlock over $50bn (£38bn) in new investments across key deepwater assets.
Key major developments targeted for accelerated Final Investment Decisions (FIDs) under the framework include the Bonga South-West, Zabazaba, and Owowo deep offshore projects.
Ojulari added that the policy aligns directly with Nigeria’s strategic target of reaching a daily production capacity of 3 million barrels of oil per day (MMbopd) by 2030, while building on over $34bn in investment commitments previously secured across the upstream energy sector.
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