Govt reaps N1.8tr in oil royalties, taxes – The Guardian
December 1, 2009 by Bunmi Awolusi
The Federal Government has received over $13 billion or N1.82 trillion in taxes and profit from exploration activities in the country’s deepwater oil blocks since the start of the Producing Sharing Contract (PSC) partnership four years ago.
Managing Director, Chevron Nigeria Limited, Andrew Fawthrop, disclosed this yesterday at the Nigerian Association of Petroleum Explorationists (NAPE) 27th International Annual Conference in Abuja.
He stated that the deepwater operations had boosted Nigeria’s crude oil production and reserves and contributed to the nation’s economic growth.
Fawthrop also disclosed that multinational oil companies operating in Nigeria have invested about $21 billion (N2.9 trillion) in deepwater developments under the PSC.
