Foreign frms face ofshore tax drive

摘要

Nigeria aims to raise the fscal take from its main ofshore oil felds to boost govern- ment revenue by $500mn next year and $1bn/yr from 2021. The proposed change will afect the terms of production-sharing contracts (PSCs) with ExxonMobil, Total, Shell, Chevron and Italy’s Eni at felds that produced 545,000 b/d last year. The government is looking to amend a 1993 law regulating ofshore and inland basin PSCs, President Muhammadu Buhari said on 8 October, while presenting the draft 2020 budget to the National Assembly. Nigeria needs additional oil revenue to plug its budget defcit. And lawmakers say that revising the terms of deals with foreign frms is justifed because the 1993 law required periodic reviews that have not been carried out.