Total: New Deepwater Royalties, Finance Act Eroded Value of Oil Assets
By Peter Uzoho Total Exploration and Production Nigeria Limited has said the deepwater royalties stipulated in the amended Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA) 2019 and related provisions in the Finance Act 2020, has led to significant value erosion of oil and gas assets and a slowdown in investment in the Nigeria oil and gas industry. Aside the concerns on the new fiscal provisions introduced into the two Acts, the international oil company (IOC) also said the uncertainty coming from the Petroleum Industry Bill (PIB), which it noted does not appear to imp...
Source: thisdaylive.com