Why Nigerian Senate is amending oil production sharing contract law
The Senate President, Ahmad Lawan, has explained the move by the Senate to amend the law on Production Sharing Contract in the oil industry. Lawan said: “It has become absolutely necessary for us to do so as a country so that we can generate more revenues from our endowments.”
He stated this while declaring open a public hearing on the Deep Offshore and Inland Basin Production Sharing Contract 2004(amendment) Bill 2019 sponsored by Senator Albert Bassey Akpan.
The public hearing was convened jointly by the Senate Committees on Petroleum (upstream), Gas, Finance and Judiciary. The Senate president said the Senate will, in the process of carrying out the amendment, be mindful of the need to maintain a competitive environment for businesses to continue to thrive.
The Senate, he said, would also ensure that the oil and gas business in Nigeria remain profitable.