NNPC hails Tinubu's deep offshore tax order as major investment boost
President Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 on Tuesday, creating a transparent and predictable fiscal framework for greenfield deep-offshore developments. NNPC Ltd described the order as a landmark reform that will enhance Nigeria’s competitiveness for deep offshore investment and unlock long-term capital.
The framework aims to attract up to $50 billion in deep offshore investments, beginning with the approximately $10 billion Bonga South West project, and supports Nigeria’s ambition to increase crude oil production to 3 million barrels per day by 2030. NNPC said the incentives will accelerate Final Investment Decisions on stalled offshore projects and maximise value from the nation’s offshore resources.
Qualifying projects such as Bonga South West, Zabazaba and Owowo Deep Offshore are expected to benefit, with NNPC noting recent petroleum sector reforms have already stimulated over $34 billion in new investment commitments. With up to $50 billion anticipated in deep offshore investment, will you explore opportunities in Nigeria’s oil sector or advise clients to position for upcoming projects?