Nigeria loses $16bn in 10 years from non-review of PSCs – NEITI vanguardngr.com vanguardnews
In a statement in Abuja, NEITI said the study, which was done in conjunction with Open Oil, a Berlin-based extractive sector transparency group, indicates that the losses could be up to $28 billion if, after the review, the Federation is allowed to share profit oil from two additional licences.
Section 16 of the Deep Offshore and Inland Basin Production Sharing Contracts specifies that: “‘The provisions of the Act shall be subject to review to ensure that if the price of crude oil at any time exceeds $20 per barrel, real terms, the share of the Government of the Federation in the additional revenue shall be adjusted under the Production Sharing Contracts to such extent that the Production Sharing Contracts shall be economically beneficial to the Government of the Federation.
The transparency watchdog disclosed that at inception in 1993, the PSC terms were drawn up to incentivize and attract oil and gas companies to invest in the exploration and production of offshore fields considering the risks involved coupled with low oil prices.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria election result: Atiku leads Buhari in 10 LGAs of Rivers - Daily Post NigeriaAlhaji Atiku Abubakar, the Presidential Candidate of the Peoples Democratic Party (PDP), is leading in 10 of the 23 Local Government Areas (LGAs) of Rivers
Read more »
Nigeria election: Police arrest 10 suspects over ballot box snatching, others in Niger - Daily Post NigeriaThe Niger Police Command has arrested 10 suspects over alleged electoral offences during the Saturday, Feb. 23 Presidential and National Assembly elections
Read more »
Nigerian Newspapers: 10 things you need to know this Thursday morning - Daily Post NigeriaGood morning! Here is today’s summary from Nigerian Newspapers 1. The Independent National Electoral Commission, INEC, has presented President Muhammadu Bu
Read more »
EPL: Solskjaer reveals 10 Manchester United players that will miss Crystal Palace clash - Daily Post NigeriaManchester United interim manager, Ole Gunnar Solskjaer, has admitted he could be without up to 10 players, for Wednesday’s clash with Crystal Palace. Jess
Read more »
Wife seeks dissolution of 10-year-old marriage over frequent beatings - Vanguard News NigeriaA 33-year-old housewife, Rabiu Tosin, on Tuesday asked an Ado-Ekiti Customary Court to dissolve her 10-year-old marriage to her husband, Ayodeji over alleged frequent beatings and pubic disgrace.
Read more »
Buhari leads, wins 10 in 17 states - Vanguard News NigeriaWITH results from 17 states of the country and Abuja, the Federal Capital Territory, President Muhammadu Buhari of the All Progressives Congress, APC, had an early lead over his Peoples Democratic Party, PDP, opponent, Alhaji Atiku Abubakar in last Saturday’s presidential election.
Read more »
Nigerian newspapers: 10 things you need to know this Wednesday morning - Daily Post NigeriaGood morning! Here is today’s summary from Nigerian Newspapers: 1. The Independent National Electoral Commission, INEC, has declared the presidential candi
Read more »
ESUT teaching hospital builds 10 tons incinerator to prevent infections - Vanguard News NigeriaENUGU- THE Enugu State University Teaching Hospital, Parklane, has completed construction of over ten tons volume incinerator which the management said was aimed at reducing infection prevalence among patients and staff of the hospital.
Read more »
Nigerian newspapers: 10 things you need to know this Sunday morning - Daily Post NigeriaGood morning! Here is today’s summary from Nigerian Newspapers: 1. The Economic and Financial Crimes Commission (EFCC) has arrested Babalele Abdullahi, son
Read more »