$50bn investment expected from new deep offshore incentive order — NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the Federal Government’s new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026 is expected to unlock more than $50 billion in fresh investment and increase oil production.
In a statement on Thursday, the company said the new fiscal framework would strengthen Nigeria’s competitiveness in the deep offshore sector by providing a transparent and predictable environment for investors and encouraging long-term capital commitments.
According to NNPC, the expected investments will include major projects such as Bonga South-West, Zabazaba and Owowo Deep Offshore developments.
Bonga South-West, which received approval in March 2026, is expected to become the first Final Investment Decision (FID) on a Nigerian deepwater Production Sharing Contract asset since 2008.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, described the order as one of the most significant policy interventions in the upstream sector in recent years, saying it would strengthen investor confidence in Nigeria’s deep offshore opportunities.
“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. Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought,” Ojulari said.
He said recent reforms in the petroleum sector had already generated more than $34 billion in new investment commitments, adding that the new incentives would sustain the momentum and facilitate timely investment decisions on major offshore projects.
Ojulari thanked President Bola Ahmed Tinubu for his commitment to creating an enabling environment for investment and sustainable growth in the energy sector, saying the order would strengthen Nigeria’s energy security and support the country’s target of producing three million barrels of crude oil per day by 2030.
