This is an Act to, among other things, give effect to certain fiscal incentives given 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 or other companies holding oil prospecting licenses or oil mining… Read more
This is an Act to make provisions for all instruments relating to any lease, licence, permit or right issued or granted to any person in connection with the petroleum industry in Nigeria to continue to be registrable in the States which are contiguous to the territorial waters and the continental… Read more
This is an Act to establish the Petroleum Equalisation Fund which is to be applied for the reimbursement of petroleum marketing companies for any losses suffered by them arising from the sale of petroleum products at uniform prices throughout Nigeria and a Management Board to manage the affairs of the… Read more
This an Act to establish the Petroleum Products Pricing Regulatory Agency whose functions include Determining the pricing policy of petroleum products; regulating the supply and the distribution of petroleum products; establishing an information and data bank through liaison with all relevant agencies to facilities the making of informed and realistic decisions… Read more
The pricing dispute between the International Oil Companies (IOCs) and the Federal Government has resulted in a revenue loss of over $4.04 billion (N1.232 trillion at N305-$1) in eight years, according to the Nigerian Extractive Industry Transparency Initiative (NEITI).
There are indications that the Federal Government may not… Read more