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Events / Regulatory / Nigeria approves deep offshore tax incentives
Regulatory regulatory reform

Nigeria approves deep offshore tax incentives

Analysis based on 80 articles · First reported Mar 09, 2018 · Last updated Aug 14, 2026

Sentiment
70
Attention
6
Articles
80
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The reform is expected to significantly boost investor confidence in Nigeria's oil and gas sector, potentially unlocking billions in new investment and accelerating project development. This could increase Nigeria's oil production and government revenues, positively impacting the broader economy and related industries.

Oil & Gas Energy
Event Summary

President Bola Tinubu approved the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a landmark reform replacing project-by-project negotiations with a transparent, rules-based fiscal framework for deep offshore oil and gas projects. The framework aims to unlock up to $50 billion in new investment, starting with Shell's $10 billion Bonga Southwest project, expected to reach FID in 2027. It enables NNPC to amend eligible production sharing contracts and emphasizes local content, aiming to boost domestic engineering, fabrication, and logistics. The reform follows Tinubu's engagement with Shell CEO Wael Sawan and is part of broader efforts to enhance Nigeria's competitiveness and increase crude production to 3 million barrels per day by 2030. The NUPRC projects $30-50 billion investment from 22 offshore projects between 2026 and 2030, with over $57 billion in approved Field Development Plans since 2024. Shell reaffirmed its commitment to Nigeria, highlighting investments in Bonga North and a $3 billion contract financing programme.

Key Actions
100 Bola Tinubu approved reform
100 Bola Tinubu signed executive order Nigeria
94 Shell plc invested Nigeria
85 NNPC authorized to amend
80 Nigeria — Nigerian Upstream Petroleum Regulatory Commission approved
80 Shell plc reaffirmed commitment Nigeria
80 Bola Tinubu directed development
80 Shell plc engaged with Bola Tinubu
80 Bola Tinubu engaged with Shell plc
74 Nigeria — Nigerian Upstream Petroleum Regulatory Commission announced licensing round
72 Nigeria extended tax credit
60 Bashir Bayo Ojulari praised
30 Shell plc sponsored conference Society of Petroleum Engineers
Entities Involved
cnt
Nigeria
Nigeria stands to gain from increased investment, production, and economic growth. The reform aims to strengthen its position as a leading energy producer and improve fiscal revenues.
Importance 100.0 Sentiment 75.0
per
Bola Tinubu
President Tinubu approved the framework, demonstrating his commitment to reforming Nigeria's oil and gas sector and attracting investment. His leadership is central to the policy's success.
Importance 100.0 Sentiment 80.0
stock
NNPC
NNPC is authorized to amend production sharing contracts, playing a key role in implementing the framework. The reform aligns with its strategy to boost production and attract investment.
Importance 85.0 Sentiment 70.0
govactor
Nigeria — Nigerian Upstream Petroleum Regulatory Commission
The NUPRC is the regulator overseeing the sector, projecting significant investment and approving field development plans. The framework enhances its ability to attract investment.
Importance 80.0 Sentiment 65.0
per
Olu Arowolo-Verheijen
Special Adviser to the President on Oil and Gas, she articulated the framework's local content objectives and its role in boosting domestic capabilities.
Importance 70.0 Sentiment 60.0
per
Bashir Bayo Ojulari
NNPC Group CEO, he praised the order as a significant policy intervention that will accelerate investment and production growth.
Importance 65.0 Sentiment 65.0
stock
Shell plc
SNEPCo launched a $3 billion contract financing programme to support Nigerian contractors, demonstrating Shell's commitment to local content.
Importance 60.0 Sentiment 65.0
per
Wael Sawan
As Shell's CEO, Wael Sawan engaged with President Tinubu, leading to the framework's development. His support is crucial for Shell's investment decisions.
Importance 60.0 Sentiment 60.0
per
Oritsemeyiwa Eyesan
NUPRC Commission Chief Executive, she highlighted the investment potential and the regulator's role in approving projects.
Importance 55.0 Sentiment 55.0
cmdt
Petroleum
The primary commodity targeted by the offshore projects, with increased production expected to impact global supply and Nigeria's export revenues.
Importance 50.0 Sentiment 30.0
per
Bayo Onanuga
Presidential spokesperson who announced the approval, providing official communication on the reform.
Importance 50.0 Sentiment 50.0
per
Gbenga Komolafe
NUPRC Chief Executive, he emphasized reforms under the Petroleum Industry Act that improve investor confidence.
Importance 50.0 Sentiment 50.0
per
Kun Jiang
Shell Nigeria Deepwater GM, she reaffirmed Shell's commitment to Nigeria and highlighted investments in Bonga North and Bonga Southwest.
Importance 45.0 Sentiment 50.0
govactor
Nigeria — Ministry of Petroleum Resources
Key ministry in the oil and gas sector, instrumental in developing the framework.
Importance 45.0 Sentiment 50.0
govactor
Nigeria — Nigerian Content Development and Monitoring Board
Plays a role in enforcing local content requirements, supporting the framework's emphasis on domestic execution.
Importance 45.0 Sentiment 50.0
+ 8 more entities View on Dashboard
Relationships
Nigeria related ↔ Bola Tinubu
Nigeria related ↔ NNPC
Nigeria related ↔ Nigeria — Nigerian Upstream Petroleum Regulatory Commission
Nigeria related ↔ Olu Arowolo-Verheijen
Nigeria related ↔ Bashir Bayo Ojulari
Nigeria related ↔ Shell plc
Nigeria related ↔ Oritsemeyiwa Eyesan
Nigeria related ↔ Petroleum
Bola Tinubu related ↔ NNPC
Bola Tinubu related ↔ Nigeria — Nigerian Upstream Petroleum Regulatory Commission
Bola Tinubu related ↔ Olu Arowolo-Verheijen
Bola Tinubu related ↔ Bashir Bayo Ojulari
Bola Tinubu related ↔ Shell plc
Bola Tinubu related ↔ Oritsemeyiwa Eyesan
Bola Tinubu related ↔ Petroleum
+ 10 more relationships View on Dashboard
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