Saturday, January 23

Tag: Inland Basin

Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts
Politics

Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts

Senate President Ahmad Lawan has said that amendment to the Deep Offshore and Inland Basin Production Sharing Contracts Act has increased remittances from the sharing contracts into the federation account from $260 million to $2billion annually. He also vowed that “demons” frustrating the passage of Petroleum Industry Bill (PIB) within the last fourteen years will be defeated this year by the 9th National Assembly. Lawan stated this on Tuesday while speaking with journalists on his 62nd birthday celebration in Abuja. He said the patriotic zeal used by the National Assembly in October 2019 to pass an amendment to the Deep Offshore and Inland Basin Production Sharing Contracts Act would be deployed for expeditious consideration and passage of the PIB already before it, latest by...