The President of the Federal Republic of Nigeria, approved the Bill amending Deep Offshore (and Inland Basin Production Sharing Contract) Act on November 4, 2019.
In a tweet released by the president, he mentioned the efforts made during the presentation of the 2020 Budget speech at the National Assembly, highlighting the urgent review of the Fiscal terms for deep offshore oil fields, to reflect current realities (low oil price regime) and to ensure increased government revenues.
This amended law will be beneficial to the 200+ million Nigerians who can now receive a fair share of their own natural resources.