Tag "PSC act"

    FLASHBACK: In 2015, Falana campaigned for a review of the PSC Act

FLASHBACK: In 2015, Falana campaigned for a review of the PSC Act

On Monday, President Muhammadu Buhari assented to an amendment bill that reviewed the deep offshore and inland basin production sharing contract (DOIBPSC).The amendment is expected to earn Nigeria an extra $1.4 billion in oil revenue per annum because of the new terms.Before now, the exploration companies did not pay any royalty on oil found 1000 metres in water depth. This [...]

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    ‘Schools, hospitals will be restored’— Abba Kyari lauds ‘$1.4bn’ PSC bill

‘Schools, hospitals will be restored’— Abba Kyari lauds ‘$1.4bn’ PSC bill

Abba Kyari, chief of staff to President Muhammadu Buhari, says the passage of the bill seeking to amend the deep offshore and inland basin production sharing contract (DOIBPSC) act by the national assembly is “a huge victory” for Nigeria.The national assembly had transmitted the bill to Buhari for assent on Wednesday after both chambers had passed it.The bill seeks to [...]

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    National assembly transmits ‘$1.4 billion’ PSC bill to Buhari

National assembly transmits ‘$1.4 billion’ PSC bill to Buhari

The national assembly has sent the bill seeking to amend the deep offshore and inland basin production sharing contract (DOIBPSC) act to President Muhammadu Buhari for assent, TheCable can report.TheCable understands the legislative chamber forwarded the amendment bill to the president on Wednesday morning, less than 24 hours after they passed it.On Tuesday, the house of representatives passed the bill which [...]

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December 05, 2019USDGBPEUR
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