The Federal Government has issued the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 (the “Order”), a project-level regime for Production Tax Credits (PTCs) and other fiscal incentives for qualifying deep offshore developments. The qualifying projects are greenfield crude oil or non-associated gas (NAG) development projects within one or more oil mining leases under an approved field development plan (“Project Development”). Brownfield optimisation activities, including infill drilling, workover, recompletion, debottlenecking, routine facilities upgrades and enhanced recovery from an existing producing field are excluded.
The Order came into effect on 6 August 2026 (“Commencement Date”) with a deemed effective date of 28 February 2024 (“Effective Date”), which applies to certain provisions of the Order.
