The Nigerian National Petroleum Company Limited has welcomed the Federal Government’s new fiscal incentives for deep offshore oil and gas projects, saying the policy could accelerate investment and support higher crude production.
The Deep Offshore Oil and Gas Projects Incentives Tax Remission Order 2026 introduces a new fiscal framework for qualifying greenfield offshore developments.
NNPC said the measure could improve Nigeria’s competitiveness and provide investors with greater certainty before committing capital to major projects.
The company estimates that more than $50 billion in new investment could eventually be unlocked.
Projects expected to benefit include Bonga South West, Zabazaba and Owowo.
NNPC Group Chief Executive Officer Bayo Ojulari said fiscal certainty remained one of the most important factors influencing major upstream investment decisions.
He said the new framework complemented other reforms introduced by the Tinubu administration and could help speed up final investment decisions on offshore projects.
According to Ojulari, recent petroleum sector reforms had already generated more than $34 billion in new investment commitments.
NNPC said the incentives aligned with its strategy of protecting existing production, accelerating new developments and attracting capital into high value assets.
The company said the policy would support Nigeria’s ambition to raise crude production to three million barrels per day by 2030.
It also argued that stronger offshore investment would improve energy security, increase long term value to the federation and help reverse years of weak capital inflows into the petroleum industry.
