President Bola Tinubu has approved a new investment framework designed to unlock up to $50 billion in deep offshore oil and gas investments and revive major projects that have remained stalled for years. The reform, contained in the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, replaces project-by-project negotiations with a broader, rules-based system intended to give investors greater certainty. The framework is expected to support a new generation of deep offshore developments, starting with the estimated $10 billion Bonga South West project. Under the new arrangement, NNPC Limited,...