Nigeria to earn fresh $6.35b in taxes, royalties - The Nation Newspaper

Nigeria to earn fresh $6.35b in taxes, royalties

The push by the Management of the Nigerian National Petroleum Corporation to increase crude oil production and grow the nation’s revenue profile gained momentum with the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company operated OML 65 through the Funding and Technical Services Agreement with CMES-OMS Petroleum Development Company .

Ajiya explained that over the project’s life, it was expected to generate over $6.35bn in taxes and royalties to the Federation to support Government’s medium to long term economic development agenda He informed that the project was expected to ramp up production at OML 65 from 900barrels per day to 60, 000 barrels per day with average production over field life at 40,000 barrels per day.

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