Nigeria’s House of Representatives passes amended PSC Act: What the bill means for Nigeria’s oil & gas sector

PUBLISHED: Wed, 30 Oct 2019 11:58:36 GMT

Nigeria’s House of Representatives has agreed with the Senate and passed a bill amending the Offshore and Inland Basin Production Sharing Contract Act 2014. The amended PSC Act will among other things allow for royalty based on the changing prices, starting at 2.5 per cent when crude oil exceeds $20 to $60 per barrel and rising upwards to 8 per cent when the price exceeds $100 to $150 per barrel. The PSC Act provisions also cover natural gas and condensate. Oil & Gas Lawyer and Partner at A02 Law, Oyeyemi Oke joins CNBC Africa for more.

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