President Bola Tinubu has approved a new regulatory and fiscal framework for Nigeria’s offshore oil and gas sector, aimed at unlocking up to 50 billion dollars in investment.
Presidential spokesperson Bayo Onanuga says the Deep Offshore Oil and Gas Projects Incentives Order replaces project-by-project negotiations with a rules-based system to boost investor confidence.
The framework will first support Shell’s long-delayed 10 billion-dollar Bonga South West project, expected to reach a final investment decision in 2027.
State oil firm NNPC can now amend eligible production-sharing contracts, while qualifying projects must prioritise local execution to support jobs and supply chains.
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