President Muhammadu Buhari has assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act.
This was disclosed by the President’s new media adviser, Lauretta Onochie on her Twitter handle.
She described the signing as a great news for a greater future
Deep Offshore (and Inland Basin Production Sharing Contract) Act was recently passed into law by the National Assembly. President Buhari in his tweet appreciated the lawmakers for their cooperation in making the ‘long overdue’ amendment possible.
President Buhari during his 2020 Budget Presentation Speech said before the National Assembly in October that he had earlier highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.
GREAT NEWS FOR A GREAT FUTURE.
PRESIDENT BUHARI SIGNS AMENDED DEEP OFFSHORE ACT
1. President Muhammadu Buhari Monday in London signed the amended Deep Offshore Act.
According to the President, “Today is an important day for all Nigerians – but particularly the young generation. pic.twitter.com/DXNJhcmZPx
— Lauretta Onochie (@Laurestar) November 4, 2019
The Senate passed the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (Amendment) Bill, 2019 (the Bill) in October 2019.
The Bill which aims to amend the provisions of the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (DOIBPSCA or the Act) also aims to shore up Nigeria’s revenue earnings.
DOIBPSCA regulates the operations of oil and gas companies operating under production sharing contracts (PSCs) in the Deep Offshore and Inland Basin.
The Act gives effect to certain incentives (such as lower royalty and tax rates etc.) granted to oil and gas companies operating under PSCs in the Deep Offshore and Inland Basin areas of Nigeria.
President Buhari who is currently in London on a private visit is expected back in the country on November 17.