Kachikwu: FG To Raise Revenue From Oil Contractors | Independent Newspapers Limited
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Kachikwu: FG To Raise Revenue From Oil Contractors

Posted: Feb 25, 2016 at 8:11 pm   /   by   /   comments (1)
Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources, has reiterated that the Federal Government would review the terms of deep-water production sharing contracts (PSC) to boost its revenue.
In addition, the ambiguities and current impasse between PSC contractors and government on some clauses of the Act would be addressed.
Kachikwu, indicated this at the 45th Convocation Ceremony of the University of Nigeria, Nsukka (UNN), Enugu State.
The minister said government was getting low revenues from deep water PSC production because the subsisting terms, which  were supposed to have been reviewed in 2005, were denying government levies, and as such the impending review was imperative.