Amendment of the Deep Offshore and Inland Basin Production Sharing Contract Act, 2004.

The Deep Offshore and Inland Basin Production Sharing Contract Act 2004, (Amendment) Bill was signed on the 4th of November, 2019 by the President. Since its primary enactment, the act aimed at giving certain fiscal incentives to the oil and gas companies operating in the Deep Offshore and Inland Basin areas under production sharing contracts between the Nigerian National Petroleum Corporation (the ‘Corporation’) and other companies holding oil prospecting licenses or oil mining leases and various petroleum exploration and production companies.

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