Deep Offshore Incentive Order Will Accelerate Investment, Production Growth – Ojulari
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has welcomed the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that significantly enhances Nigeria’s competitiveness for deep offshore investment.
The company said the reform will strengthen the nation’s pathway towards achieving its 3 million barrels of oil per day (MMbopd) production ambition by 2030.
Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, described the Order as one of the most significant policy interventions for the upstream sector in recent years.
Ojulari said “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.”
He added: “For NNPC Ltd., the Order aligns directly with our strategy of protecting our existing production base, accelerating near-term growth, and attracting new investment into high-value assets. It strengthens our confidence in achieving our strategic production ambition of 3 MMbopd while creating greater value for our shareholders and the Nigerian economy.”
He noted that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments, adding”The Deep Offshore Incentives Order is expected to build on that momentum by enabling timely FIDs on strategic offshore developments”.
The GCEO thanked President Bola Ahmed Tinubu for his relentless leadership and unwavering commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector through several Presidential Executive Orders which have strengthened the nation’s oil and gas sector.
This milestone reinforces NNPC Limited’s commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.
