The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has said President Bola Ahmed Tinubu’s decision to approve the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026 is aimed at creating greater certainty for investors and attracting fresh capital into Nigeria’s deep offshore sector.
Ojulari, in a statement issued on Thursday through the NNPCL spokesperson, Andy Odey, said the presidential order would strengthen Nigeria’s position as a competitive destination for deep offshore investments at a time when the country is seeking to increase crude oil production.
He said the policy would provide investors with greater fiscal certainty, which he described as an important factor in determining whether companies commit billions of dollars to long-term offshore projects.
According to Ojulari, the order would also send a strong message to international investors that Nigeria was prepared to create a more stable and investment-friendly environment for the development of its deep offshore resources.
“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,” he said.
He added that greater clarity around the fiscal framework could help address some of the uncertainties that have historically affected investment decisions in Nigeria’s oil and gas industry.
“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought,” Ojulari said.
The NNPCL chief noted that the order, described as the ninth presidential order of the Tinubu administration, was consistent with the company’s mandate to protect and expand Nigeria’s oil production base.
He said the policy would also strengthen the country’s efforts to achieve its target of producing three million barrels of crude oil per day by 2030.
The deep offshore segment remains particularly important to Nigeria because it offers the potential to unlock large-scale oil and gas developments requiring substantial upfront investment and advanced technology.
The latest fiscal intervention is therefore expected to improve the attractiveness of such projects by providing investors with clearer expectations around the tax and financial conditions governing their operations.
Tinubu recently signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order as part of efforts to unlock new investment opportunities estimated at $50 million.
For the NNPCL, increased investment in deep offshore projects could help sustain Nigeria’s production capacity, support government revenues and strengthen energy security, while also providing a boost to the broader oil and gas value chain.
The company’s support for the order comes as Nigeria continues efforts to reverse declining investment in the petroleum sector and encourage international oil companies and other investors to commit capital to new projects.