Gov’t upping oil royalty rate to 10% for new deals – Jagdeo

As it announced that the auctioning of some 14 offshore blocks will not take place until next year, government yesterday disclosed that the new model oil and gas Production Sharing Agreement (PSA) will see big changes such as the upping of royalty from 2% to 10%, corporation tax of 10% and a  limiting of the amount of blocks for companies.

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