Insight
Nigeria's Petroleum Industry Bill scales new heights of fiscal complexity
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
We summarise the contents of the 252-page PIB which is Nigeria's latest attempt to reform its petroleum sector. This insight describes the key parts of the bill and the proposed changes including: Industry governance & regulation Restructuring of NNPC Upstream licensing regime Upstream fiscal terms Gas pricing Host communities An economic analysis of the impacts of the fiscal terms is not included.
Table of contents
- Executive Summary
- Introduction
- Governance & regulation
- NNPC Limited
-
Licensing
- Petroleum Prospecting Licence
- Petroleum Mining Lease
- Contract types
- Bid rounds
-
Voluntary conversion of existing OPLs and OMLs
- Stability clauses
-
Fiscal terms
- Royalties
- Taxes
- PSCs
- Renegotiated PSCs
- Marginal fields
-
Gas market
- Domestic gas pricing
- Host communities
- Will the PIB become law, and if so when?
Tables and charts
This report includes the following images and tables:
- Oil royalties by production: onshore & shallow water
- Oil royalties by production: deepwater
- Oil royalties by price* (real, 2020 terms)
- Gas royalties
- Royalty comparison
- Hydrocarbon Tax rates
- Tax rate comparison
- Production allowances
- Minimum government profit share
What's included
This report contains:
