Country Report
Nigeria upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Nigeria awards upstream licences to foreign investors under the 2021 Petroleum Industry Act (PIA). Operators with existing licenses before the PIA became law may voluntarily convert to PIA terms. For new investors in oil operations, we expect PSCs will continue to apply, with a cost oil limit of 70%, and the production sharing of liquids based on cumulative production. Gas terms are less clear; we assume simple concession fiscal terms for gas, paying royalty and income tax.
Table of contents
- Basis
- Licence terms
- Government equity participation
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Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- PSC cost recovery
- Income taxes
- Hydrocarbon tax
- Education tax
- 5 more item(s)...
- Recent history of fiscal changes
- Stability provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes the following images and tables:
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TimelineTimeline detailSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate - onshore, oilEffective royalty rate - shelf, oilEffective royalty rate - deepwater, oilEffective royalty rate - onshore, shelf and deepwater, gasMaximum government share-onshore, oilMaximum government share - shelf, oil
- 16 more item(s)...
What's included
This report contains:
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