The Nigerian National Petroleum Company Limited (NNPC) is set to implement the amended Production Sharing Contract (PSC) framework following the Federal Government’s approval of new incentives for deep offshore oil and gas projects.

NNPC Group Chief Executive Officer, Bayo Ojulari, disclosed this on Wednesday after President Bola Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.

Ojulari said the new framework would make offshore investments more predictable by replacing the previous case-by-case approach to negotiating incentives.

He said the policy could attract up to $50 billion in fresh investment, with the Bonga South West project expected to be the first major beneficiary.

According to him, NNPC will serve as the Federal Government’s nominated counterparty and is prepared to implement the revised PSC arrangements.

Ojulari said increased investment in deep offshore projects would create jobs, expand local supply chains and increase the participation of Nigerian businesses in the oil industry.

He added that the policy could also support Nigeria’s ambition to raise crude oil production to three million barrels per day by 2030.

Deep offshore developments require huge capital and advanced technology due to their technical complexity and long development periods. The government has therefore been introducing fiscal measures aimed at making such projects more attractive to investors.

The Bonga South West project, being developed by Shell and its partners, is among the major offshore developments expected to boost Nigeria’s future crude oil output.

The project is also expected to generate additional opportunities for Nigerian oilfield service companies and other businesses involved in the petroleum supply chain.

The new incentive regime is part of the Federal Government’s broader efforts to restore investor confidence and accelerate major oil and gas projects that have experienced delays.