NNPC Wants Boost in Royalties

Thursday, January 19, 2017

Nigeria’s state-run firm, NNPC, in an attempt to boost revenues, has recommended some legal changes to the deep offshore and inland basin PSC Act.

The PSA Act proposes an increase in royalty rates for areas in excess of 1,000 meters, from 0% to 3%, and while NNPC finds that commendable it believes corresponding adjustments must be made in other categories.

The NNPC also advised that some incentives like investment tax credit, investment tax allowance and capital allowances to PSC contractors, should be removed.

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