OIL BOOM COMING! $50 BILLION WINDFALL AS TINUBU’S NEW DEEP OFFSHORE ORDER EXCITES NNPCL

GREATRIBUNETVNEWS–NIGERIAN National Petroleum Company Limited (NNPC Ltd.) is celebrating the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, calling it a game-changer for Nigeria’s oil future.

3 Million Barrels Per Day Target Now In Sight – Ojulari

Good news has hit Nigeria’s oil sector!

The landmark reform, according to the NNPC, will massively boost Nigeria’s competitiveness and put the nation on a fast track to achieving its ambitious 3 million barrels per day (MMbopd) production target by 2030.

The new Order provides a transparent, predictable and globally competitive fiscal framework for deep offshore projects, giving investors the certainty they need to pour in long-term capital and fast-track Final Investment Decisions (FIDs).

And the numbers are huge. The framework is projected to unlock over $50 billion in fresh investments, starting with major projects like the Bonga South-West approved in March 2026, and the *Zabazaba and Owowo Deep Offshore projects.

Bonga South-West is set to make history as the first FID on a Nigeria deepwater Production Sharing Contract asset since 2008, reinforcing Nigeria’s return as one of the world’s hottest destinations for deep offshore oil and gas investment.

Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, described the Order as one of the most significant policy interventions for the upstream sector in recent years.
“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.”

The GCEO noted that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments. The Deep Offshore Incentives Order is expected to build on that momentum by enabling timely FIDs on strategic offshore developments.

The GCEO thanked President Bola Ahmed Tinubu, GCFR, 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.

This 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.