Today, Monday, 4 November 2019, His Excellency, President Muhammadu Buhari, GCFR, announced his assent to the Deep Offshore and Inland Basin Production Sharing Contract (DOIBPSC) (Amendment) Act, 2019 via his twitter account, following its passage by the Nigerian Senate in October 2019.
According to the President, amendment of the DOIBPSC Act is in line with the need to urgently review the fiscal terms for deep offshore oil fields and to increase the Federal Government (FG)’s revenue. The amendment is expected to generate an estimated revenue of $500 million for the FG in 2020 and over $1 billion in 2021.
The following are the key changes expected in the Amendment Act, based on the DOIBPSC Amendment Bill passed by the Senate:
We will issue our detailed Newsletter on the Act in due course.
For any enquiries on the above, please contact:
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