Home Topics Production Sharing Contract

Production Sharing Contract

OPL 245: A most popular oil block

The Petroleum Act 1969 (as amended) grants powers to the Ministry of Petroleum, acting through the Department of Petroleum Resources (DPR) to administer the licensing of oil blocks in the country.

Malabu scandal: AGF Abubakar Malami writes President Buhari over Bello Adoke, Diezani Alison-Madueke, others’...

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has written to President Muhammadu Buhari, urging him to back off on his administration’s legal battles against the principal actors in the controversial Malabu Oil deal.

Nigeria lost N7.6 trillion to faulty pacts with oil coys – Ibe Kachikwu

Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, yesterday disclosed that Nigeria lost about $21billion (N7.6 trillion) to International Oil Companies (IOCs) operating in the country as a result of non-implementation of the Production Sharing Contract (PSC) Act of 1993.

Federal govt earned $7 billion from Addax Petroleum since 2009 – firm

Addax Petroleum Development (Nigeria) Limited, which operates Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) PSC has produced 425 million barrels of crude oil and generated over $7 billion in revenue to the Nigerian government since 2009 when SINOPEC took over the company.

Recent Stories

Police arrest cattle rustlers, recover 32 cows, 26 sheep in Niger

Two suspected cattle rustlers terrorising Eregi Fulani Camp in Katcha Local Government Area of Niger state, have been arrested by the state Police Command.

Brighton sign Nigeria’s Leon Balogun on free transfer

Brighton have completed the signing of Nigeria international defender Leon Balogun on a free transfer.

Sony buys EMI Music Publishing in $1.9 billion deal

Japanese entertainment giant Sony on Tuesday unveiled a $1.9-billion deal to buy industry titan EMI Music Publishing, which has the rights to songs by the likes of Queen and Pharrell Williams.

N400 million fraud: EFCC wants Olisa Metuh tried in absentia

The EFCC on Tuesday asked the Federal High Court Abuja to proceed with the ongoing trial of a former PDP Spokesman, Olisa Metuh, in his absence.

Prophet: 2019 polls will be tougher than 2015

The General Overseer of Christ Mercyland Deliverance Ministry (CMDM)‎, Prophet Jeremiah Omoto Fufeyin, on Tuesday in Kano prophesied that the 2019 presidential election will be tougher than what was experienced in 2015, calling on Nigerians to earnestly pray for peace and unity in the country.