The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said the Federal Government’s new tax incentive for deep offshore oil and gas projects could attract more than $50 billion in fresh investments and boost oil production.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in a statement on Thursday following the signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 by the Federal Government.
According to him, the new fiscal framework will provide investors with greater certainty and improve Nigeria’s competitiveness in attracting long-term capital into deep offshore developments.
Ojulari said the policy would help accelerate Final Investment Decisions (FIDs) on major projects, including Bonga South-West, Zabazaba and Owowo.
Bonga South-West, which was approved in March 2026, is expected to be the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008.
The NNPC boss said the new incentives were aligned with the company’s strategy of protecting existing oil production, accelerating growth and attracting investment into high-value assets.
He expressed confidence that the policy would support Nigeria’s ambition of increasing crude oil production to three million barrels per day by 2030.
Ojulari also said recent reforms in the petroleum sector had already generated more than $34 billion in new investment commitments, adding that the new deep offshore incentives would further strengthen the momentum.
He commended President Bola Ahmed Tinubu for what he described as his commitment to creating an enabling environment for investment and sustainable growth in the oil and gas sector.
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