A brief on the Amendment of the Deep Offshore And Inland Basin Production Sharing Contract Act Bill, 2019 sponsored by Senator Dr. Patrick Ifeanyi Ubah on the floor of the 9th Senate in his first year and tenure:

1)The amendment introduces provisions for price-reflective royalties.

2) 8-year periodic review of
the Production Sharing Contracts (“PSCs”).

3) Penalties for non-compliance with the Act, etc.

The original Act which was enacted in 1993 (old Act) was
introduced to grant certain incentives to
companies operating in the deep offshore and
inland basin area.
These incentives ranged
from reduced royalty rates to lower tax rates to
encourage investments in these areas.

The Amendment Act by Senator Ubah in 2019 is aimed at
increasing Nigeria’s earnings from the oil and gas industry to shore up the Federal
Government’s revenue; this gives a calculated revenue of over 800 billion naira annually ( approximately 2.5 billion naira daily) to Nigeria.

Production sharing agreements (PSAs) or production sharing contracts (PSCs) are a common type of contract signed between a government and a resource extraction company (or group of companies) concerning how much of the resource (usually oil) extracted from the country each will receive.

Federal Government understands the significance of this bill which was signed by President Muhammadu Buhari in London on 4th November 2019 and anticipates that the amendment Act will significantly increase Nigeria's earnings from oil wells located deep offshore and give it a fair and equitable share of income derived from its natural resources.

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All these thieves.

They talk like they are helping you.

SMH

[quote author=ChumzyOma post=123167418][/quote]

Lol.

There's nothing to research.

The project may be true, but the people behind it are evil.

Okay, let see how it works

didroon43:
The project may be true, but the people behind it are evil.

The Bill was signed into law on 4th November 2019 by President Buhari in London.
The Deep Offshore and Inland Basin Contract Production Sharing Act Bill, 2019 was sponsored by Senator Ifeanyi Ubah and co-sponsored by Senator Akpan Bassey (OBA) on the floor of the Ninth Senate in the year 2019.

So nothing like "Maybe".

ChumzyOma:


The Bill was signed into law on 4th November 2019 by President Buhari in London.
The Deep Offshore and Inland Basin Contract Production Sharing Act Bill, 2019 was sponsored by Senator Ifeanyi Ubah and co-sponsored by Senator Akpan Bassey (OBA) on the floor of the Ninth Senate in the year 2019.

So nothing like "Maybe".

Okay.

Thanks for the clarification.

But my point still stands.