Summary
On 4 November 2019, President Muhammadu Buhari assented to the
Deep Offshore and Inland Basin Production Sharing Contracts Act
Amendment Bill (the Act). The assent was communicated by the
President via his official twitter handle.
The Act, amends the Deep Offshore and Inland Basin Production
Sharing Contracts Act of 1999 by making changes to the royalty
rates currently paid by firms operating in production sharing
contracts (PSCs).
Details
Following the passage of the Bill by both Houses of the National
Assembly, the Bill was transmitted to the President for signing
into law. The Bill which was adopted by both chambers of the
National Assembly, provides for different bases for imposing
royalty on oil production in the deep offshore, frontier and inland
basin areas. The President has now signed this Bill into law.
