By Edith Ike-Eboh
The Department of Petroleum Resources (DPR) says it has reviewed five terms for gas development under the Production Sharing Contracts (PSC) in the Country.
Mr Sarki Auwalu, the Chief Executive Officer, said this during a Public hearing at the National Assembly organised by the Joint Committee on Gas Resources and Petroleum Resources, Upstream and Downstream, in Abuja, on Monday.
The hearing was on the Topic: “Inclusion of Gas Terms in Production Sharing Contracts by the Nigerian National Petroleum Corporation (NNPC).”
He said DPR had considered and reviewed five terms for gas development in PSC and the terms included duration, cost of gas, tax gas, royalty and profit gas.
“These five terms, we believe when considered, will definitely make it robust and enable the provisions that made in the Petroleum Industry Bill (PIB) to adequately address all issues and concerns,” said Auwalu.
He explained that the first PSC as a business arrangement was signed in…
Source: News Agency of Nigeria