The Federal Government has introduced a major fiscal incentive for new deep offshore oil and gas projects, allowing qualifying developments to restart the profit-oil sharing scale at 70:30 in favour of contractors, even where existing production in the same contract area has already moved to a higher government share.
According to NUPRC, Nigeria’s current production rate, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September, with plans to push this figure to 2 million bpd by year-end.
Crude oil theft may have cost the country a whopping N1.9tn revenue loss in July, according to analysis by The PUNCH.