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Nigerian lawmakers vote to increase deepwater royalties

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04 November 2019

Nigerian lawmakers vote to increase deepwater royalties

Report summary

On 29 October, Nigeria's National Assembly voted through the first ever change to royalty within the Deep Offshore and Inland Basin PSC Act. The whole process took just 26 days, taking the industry by surprise. The key points of the amendment bill are: It removes the current water depth-based royalty and replaces it with a uniform 10% royalty for all deepwater PSCs. It introduces a price-based royalty which will add 0% to 10% depending on oil price. The terms can be reviewed every eight years. This report quantifies the economic impact of the changes and what it means for investors, the government, and Nigeria's deepwater future.

Table of contents

Tables and charts

This report includes 6 images and tables including:

  • Process for passing bills through National Assembly
  • Comparison of SB 21 amendment with current DOIBPSC terms by OML
  • Comparison of SB 21 amendment with current DOIBPSC terms for Bonga SW
  • Comparison of SB 21 amendment with current DOIBPSC terms for Owowo
  • International comparison of state share by deepwater fiscal regime
  • Pre-FID deepwater stand-alone project breakevens by country

What's included

This report contains:

  • Document

    Nigerian lawmakers vote to increase deepwater royalties

    PDF 1.41 MB

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