NNPC: TINUBU’S DEEP OFFSHORE INCENTIVE TO ATTRACT $50BN INVESTMENT
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By:Tajudeen Aminat
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has welcomed the Federal Government’s new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a major policy move capable of attracting fresh investments and boosting crude oil production.
According to NNPC, the new fiscal framework is designed to provide greater certainty and competitiveness for investors developing qualifying deep offshore projects, potentially unlocking more than $50 billion in new investments.
The company said the policy would support major offshore developments, including Bonga South-West, Zabazaba and Owowodeep, while helping Nigeria achieve its target of raising crude oil production to 3 million barrels per day by 2030.
NNPC Group Chief Executive Officer, Bayo Ojulari, described the incentive as one of the most significant recent reforms in Nigeria’s upstream oil and gas sector, saying fiscal certainty would encourage investors to commit capital to deepwater projects.
Ojulari said the policy would strengthen Nigeria’s position as an attractive investment destination and support NNPC’s strategy of protecting existing production, accelerating growth and attracting fresh capital into high-value offshore assets.
He also disclosed that recent petroleum sector reforms had already generated more than $34 billion in new investment commitments, expressing optimism that the latest incentives would accelerate Final Investment Decisions on strategic deepwater projects.
The NNPC chief commended President Bola Tinubu for his efforts to create a more stable and investment-friendly environment for Nigeria’s oil and gas industry, saying the new framework would help strengthen energy security and increase long-term value for the country.
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