NNPC calls for incease in royalties across all categories in deep ocean offshore

  

  Nigerian National Petroleum Corporation, NNPC, is calling for an increase in royalties across all categories in the Deep Offshore and Inland Basin Production Sharing Contract in the petroleum industry.
   According to a statement by Bello Rabiu, Chief Operating Officer, Upstream, of the NNPC, the corporation made the proposal at a presentation to the Joint House of Representatives Committees on the amendment of the Production Sharing Contract Act and an Act to establish the National Oil and Gas Museum and Research Centre in Oloibiri.
   He further proposed key amendments to the Act, which he claimed would enable the Federal Government optimize the collection of royalties and other revenue in deep water oil production activities and also increase government take.
  The NNPC is also proposing the scrapping of incentives to oil companies in the areas of investment tax credit, investment tax allowance and associated cost uplift and capital allowances to Production Sharing Contract contractors.