Beyond Production Sharing Contract  Act

Beyond Production Sharing Contract Act

On Monday, November 4, President  Muhammadu Buhari signed the historic Deep Offshore and Inland Basin Production Sharing Contract (PSC) Amendment Bill into law. There is a consensus of opinions that legislation promises to significantly increase Nigeria’s share of earnings from its oil wells offshore. Also significant is the fact that the Bill was approved by the 9th National Assembly a fortnight ago and submitted to the President for assent into law in record time, a progressive departure from the hitherto war of attrition between the executive and the legislature during the 8th Assembly. Understandably, the President was also upbeat about the development.“He said, “This afternoon I assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act. This is a landmark moment for Nigeria; let me use this opportunity to thank the National Assembly for the cooperation that produced this long-overdue amendment,”