Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA), 2004 (Amendment) Bill, 2019 receives Presidential assent

As anticipated in our tax alert of 21 October 2019, President Muhammadu Buhari has signed the Deep Offshore and Inland Basin (Production Sharing Contract) Act (DOIBPSCA), 2004 (Amendment) Bill, 2019 (the Bill) into an Act on Monday 4 November 2019.

Nigerian Senate passes a bill for amendment of the Deep Offshore and Inland Basin Production Sharing Contract Act, 2004

The Nigerian Senate recently passed the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (Amendment) Bill, 2019 (the Bill).

The Bill which will amend the provisions of the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (DOIBPSCA or the Act), when passed by the House of Representatives, and after the President’s assent, aims to shore up Nigeria’s revenue earnings.