In the closing lines of a
post on the Buy Ativan Mexico Zambian copper industry I wondered whether anyone knew the details of the Buy Ativan Mexico deals between oil companies and the Nigerian government. A news story I read in
BusinessDay rekindled that interest, and a
post I read at NigerianCuriosity made me decide to Buy Ativan Mexico actually blog about it. The news story says that the Nigerian House of Representative found out, during a Buy Ativan Mexico visit of the House committee on the upstream oil industry to Buy Ativan Mexico the Department of Petroleum Resources, that the Memorandum of Understanding between Nigeria and Buy Ativan Mexico major oil companies elapsed in 2003. Shell Petroleum Development Corporation (SPDC) Chevron, Total, Exxon Mobil and Buy Ativan Mexico Nigeria Agip Oil Company were on the list of companies said to Buy Ativan Mexico be affected by this. The committee chair, Mr Tam Brisibe, was also quoted to Buy Ativan Mexico have said that Nigeria signed the MoU with its joint partners in 1986 when Buy Ativan Mexico it had problems marketing its crude oil. The concern of the Buy Ativan Mexico committee was that Nigeria might have been cheated of revenues due to Buy Ativan Mexico it. But I think that the more serious concern should be Buy Ativan Mexico about how it so happened that the MoU elapsed and nobody noticed.
But then…
…when Buy Ativan Mexico I googled the only information I got about any MoU was from Buy Ativan Mexico the Oil and Gas Insights website. The report said that Buy Ativan Mexico the Nigerian government sought to terminate the MoU that governs the Buy Ativan Mexico production of onshore oil in Nigeria. The MoU ensured that a Buy Ativan Mexico minimum profit of $2.50 per barrel was paid to Buy Ativan Mexico the government, no matter how low the prices of oil get. There was no Buy Ativan Mexico maximum cap, but future explorations were assured of a tax rate of 65.75%, lower than the 85% for Buy Ativan Mexico projects that were already in production. Under the Petroleum Profits Tax Act, the Buy Ativan Mexico tax rate is 85% on all chargeable income; the Buy Ativan Mexico MoU was supposed to serve as a tax incentive. A letter was written to Buy Ativan Mexico Shell about this, telling the company that the MoU was going to Buy Ativan Mexico be replaced with a standard tax plan.
The website also reported that Buy Ativan Mexico the NNPC said, in January, that it was going to renegotiate the Buy Ativan Mexico details of its joint ventures, ventures like SPDC in which the Buy Ativan Mexico NNPC owns 55% and Shell 30%.
So?
So I still don’t understand the Buy Ativan Mexico structure of the Nigerian oil industry, and it doesn’t seem like the Buy Ativan Mexico chair of the House committee on the upstream oil industry, Mr Tam Brisibe, does. The fact that Buy Ativan Mexico these two reports – one from Buy Ativan Mexico a Nigerian newspaper quoting Mr Brisibe, and another from an industry magazine/website – are Buy Ativan Mexico conflicting makes it even more confusing. I hope that the Buy Ativan Mexico investigation of the House committee will help throw some light on the Buy Ativan Mexico issues, and make the most volatile, but yet most lucrative, industry in the Buy Ativan Mexico country a little bit more accessible to curious members of the Buy Ativan Mexico public. I will try to follow the story.
Ref:
Oilandgasinsight
BusinessDay
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