The president today indicated his support of legislation concerning production sharing contracts for offshore and inland basin crude oil and gas extraction.
A bill—Deep Offshore and Inland Basin Production Sharing Contract (DOIBPSC) (Amendment) Act, 2019—was passed by the Nigerian Senate in October 2019. According to the administration, the bill would raise revenue for the federal government. For instance, one provision in the bill allows for an adjustment of revenue due the federal government when the price of crude oil exceeds $20 per barrel.
Read a November 2019 report [PDF 165 KB] prepared by the KPMG member firm in Nigeria
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