Jakarta — Indonesia is considering letting energy companies stick with the “cost recovery” system for oil and gas production sharing…
Browsing: Production Sharing Contracts
Ike Amos 10 October 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, has reported a 35.78 percent increase…
“We are going to look at what is the net value for the country in these future projects. We are not, as a country, very impressed with the PSCs we put together. We lose a lot of money in the contracts,” he added.
“Under the Deep Offshore Act, there was a provision in 1993 that says once the price of crude exceeds $20 a barrel, the government will take steps to ensure that the premium element is then distributed under an agreed formula so that we can get more from our oil. But over the last 20 years, nothing really was done.”
Ike Amos 28 November 2017, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, Monday, said the Federal Government’s 2.3…
The GMD, however, said the arrangement allowed NNPC to lift the royalty oil from Production Sharing Contracts (PSCs) and remit the proceeds to the DPR, adding that confirmation and reconciliation of royalty payments to the sister agency were carried out at the monthly meeting between the Office of the Accountant General of the Federation and revenue generating agencies.
Discrepancies between NNPC and companies with production sharing contracts (PSCs) that entitle them to oil have always existed, but the crude price crash has increased the urgency to sort them out as both state and foreign firms feel the pinch.
11 April 2016, Abuja – Nigeria produced a total of 66.49 million barrels (mb) of crude oil and condensate for the…
22 December 2015, Abuja – Geologists and geophysicists under the aegis of the Nigerian Association of Petroleum Explorationists (NAPE) have asked…
13 October 2015, Abuja – A monthly report of the activities of the Nigerian National Petroleum Corporation (NNPC) has shown that…