Adoption of law which amends production-sharing contracts
05 Nov 2019
Nigeria's President gave his assent to the Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Bill 2019 on November 2019, amending the 1993 law. The Amendment increases the government's share of profits from oil activities conducted under production-sharing contracts. It contains a flat 10% royalty on all offshore projects over 200 meters deep and a 7.5% royalty on frontier and inland basins, as well as an additional sliding-scale royalty when prices reach above US$35/barrel.
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Type:
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Treatment and operation (Operational conditions)
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Industry:
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Primary (Mining and quarrying)
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