Buhari signs amended Deep Offshore act


Nigeria is set to increase its earnings from oil wells offshore the country with the signing of the  Deep Offshore and Inland Basin Production Sharing Contract (PSC) Amendment Bill into law.

President Buhari announced the signing of the law through a post on his official Twitter handle.

The bill was approved by the National Assembly two weeks ago and submitted to the president for the final assent.

The Deep Offshore and Inland Basin Production Sharing Contracts Act was enacted on March 23, 1999, with its commencement backdated to January 1, 1993.

However, for some time, there has been serious disagreement between the government and the international oil companies on the need to review the law to reflect current realities.

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