Nigeria’s $104.5b three-year oil earnings favour IOCs
The Nigeria Extractive Industries Transparency Initiative (NEITI) has declared that the old agreement used in computation of revenues to be shared between the government and oil companies is no longer acceptable, calling for urgent review.Despite the fact that the country earned $104.484 billion from oil between 2015 and 2017, NEITI said the loopholes in the Deep Offshore and Inland Basin Production Sharing Agreement (PSC) between Nigeria and oil companies crippled the nation’s total share to $35.893 billion against the oil majors who earned about $68.591 billion.
NEITI said the revenue losses to the federation by the use of the old agreement was not acceptable, insisting on review as the contract now accounts for about 50…
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