Energy Industry
Industry: Email Alert RSS FeedNigeria signs 30-year PSC
World Oil, Jan, 2002
The Nigerian federal government took a major step toward petroleum development in the country by signing a 30-year, deep-offshore production sharing contract (PSC) with three firms. Dr. Rilwanu Lukman, the Nigerian president's special advisor on petroleum and energy said the companies will operate OPL 205, with ChevronTexaco holding 50% working interest, Shell Petroleum 35% and Petrobras the remaining 15%.
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The two-part contract allows 10 years for prospecting (OPL) and 20 years for mining (OML). In a 1993 agreement, the government received 20% of expected profits while companies share 80%. After it was reviewed, the government now receives 70%, while companies share 30%.
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