NNPC: New Deep Offshore Incentives Will Attract $50bn, Help Nigeria Hit 3mbpd Target
By Victor Idajil
The Nigerian National Petroleum Company Limited says the Federal Government’s new Deep Offshore Oil and Gas Incentives Order will make Nigeria more competitive and accelerate investment in deepwater projects.
NNPC announced this on Wednesday, calling the 2026 Tax Remission Order a landmark policy for the upstream sector that will support Nigeria’s goal of producing 3 million barrels of oil per day by 2030.
According to the company, the Order provides a clear, stable and globally competitive fiscal regime for new deep offshore developments. The aim is to give investors the certainty they need to commit long-term funding, speed up Final Investment Decisions, and maximize returns from Nigeria’s offshore resources.
NNPC estimates the incentives could unlock over $50 billion in new investments. Key projects set to benefit include Bonga South-West, approved in March 2026, plus Zabazaba and Owowo. Bonga South-West will be the first FID on a Nigerian deepwater PSC asset since 2008.
Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, described the Order as one of the biggest policy moves for the sector 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,” Ojulari said.
“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought.”
He said the policy aligns with NNPC’s strategy to safeguard current production, drive near-term growth, and attract capital into high-value assets.
“For NNPC Ltd., the Order strengthens our confidence in achieving our strategic production ambition of 3 MMbopd while creating greater value for our shareholders and the Nigerian economy,” he added.
Ojulari noted that previous reforms have already secured over $34 billion in new investment commitments for the sector. He added that the Deep Offshore Incentives Order will build on that and enable faster FIDs on strategic offshore projects.
The GCEO also thanked President Bola Ahmed Tinubu for his “relentless leadership” in creating an enabling environment through several Executive Orders that have strengthened the oil and gas industry.
NNPC said the move underscores its commitment to sustainable production growth, attracting responsible investment, boosting energy security, and delivering long-term value to Nigerians.
