The Nigerian National Petroleum Company Limited, NNPC Ltd, says the Federal Government’s newly signed Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 will accelerate Nigeria’s push to achieve 3 million barrels of oil per day by 2030.
In a statement, the GCEO of NNPC, Bayo Ojulari said the Order removes key fiscal bottlenecks and is expected to enable timely Final Investment Decisions, FIDs, on strategic offshore developments.
He added that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments*.
According to him, the order is one of the most significant policy interventions for the upstream sector in recent years.
He said: “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.”
He thanked President Bola Ahmed Tinubu, 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.
He said the 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.