Nigeria Seeks to Unlock $50 Billion in Deep Offshore Investments

Nigeria's President Bola Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in a bid to boost investment in the country's deep offshore oil and gas sector.

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

According to the Nigerian National Petroleum Company Limited (NNPC Ltd.), the order is expected to support Nigeria's ambition of increasing crude oil production to 3 million barrels per day (MMbopd) by 2030. The framework aims to make previously stalled offshore projects commercially viable by providing investors with tax incentives and greater certainty regarding the fiscal terms governing their investments.

President Tinubu announced that the new incentive framework could unlock up to $50 billion in deep offshore investments, beginning with the approximately $10 billion Bonga South West project. The policy aims to reinforce Nigeria's position as an attractive destination for deep-offshore oil and gas development and unlock more than $50 billion in new investment.

Group Chief Executive Officer of NNPC Ltd., Bashir Ojulari, described the order as one of the most significant policy interventions in Nigeria's upstream sector in recent years. He said the order aligns with NNPC's strategy of protecting existing production, accelerating near-term growth, and attracting new investments into high-value assets.