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Nigeria Seeks To Amend Deep Offshore Oil Act To raise Crude Revenue

ABUJA, Dec thirteen (Reuters) – Nigeria is looking for to amend a regulation on deep offshore oil exploration and drilling, aiming to extend government income from crude gross sales when prices exceed $20 a barrel, the country’s oil minister stated on Wednesday.

Nigeria’s government depends on oil kuwait oil production for around two-thirds of its revenue and Africa’s largest economy is still largely dependent on crude manufacturing despite the present administration’s makes an attempt to diversify away from the trade. These efforts have yielded few results, financial information shows.

The Nigerian authorities has not enforced that provision but could now look to amend the regulation to allow it to do so, Emmanuel Ibe Kachikwu, the oil minister, informed reporters after a cabinet meeting in the capital of Abuja.

“The online effect for us is near $2 billion extra income for the federation,” Kachikwu stated, adding that the petroleum ministry was working with the lawyer basic to look at the laws.

“From 1993 to now, cumulatively, we’ve got lost a complete of $21 billion just because government didn’t act. We did not train it,” he said of the regulation, without explaining what amendment was needed.

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