PRESS STATEMENT
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 and strengthens the nation's pathway towards achieving its 3 million barrels of oil per day (MMbopd) production ambition by 2030.

The new Order establishes a transparent, predictable and globally competitive fiscal framework for qualifying greenfield deep offshore developments. It provides the certainty required to unlock long-term capital, accelerate Final Investment Decisions (FIDs), and maximise value from Nigeria's offshore resources.

The framework, which reinforces Nigeria’s position as one of the world’s attractive destinations for deep offshore oil and gas development, is expected to unlock over US$50 billion in new investments, including major projects starting with Bonga South-West which was approved in March 2026, and the Zabazaba and Owowo Deep Offshore projects. Bonga South West is expected to be the first FID on a Nigeria deepwater Production Sharing Contract asset since 2008.

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.

"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."

The GCEO noted that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments. 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, GCFR, 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.

Andy Odeh
Chief Corporate Communications Officer
NNPC Limited
13 August 2026

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