The federal government has acceded to the demands international oil companies (IOCs) which have been asking the legislature to reduce royalties and taxes prescribed in the Petroleum Industry Bill (PIB).
Key changes to the bill would lower the royalties for new production from deep-water oilfields from 7.5 percent to 5 percent and boost the production level that triggers higher royalties from 15,000 barrels per day (bpd) to 50,000 bpd.
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