PETROLEUM INDUSTRY REFORM IN NIGERIA: SIMULATION ...

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Broad Objectives of the Ongoing Reform • Revamps the petroleum revenue system in terms of revenue collection, revenue enhancement, and wealth creation and restructures the taxation system for the oil and gas industry in Nigeria. • Repositions the national oil company to a level comparable to the status of other prominent national oil corporations (NOCs) • Defines a new joint venture structure to address the funding problems of industry projects with a new indsutry structure termed incorporated joint ventures (IJV). OOILEDARE 6 OOILEDARE USAEE 2010, Calgary, Canada
Fiscal System Instruments Nigeria Sliding Royalty Scales Royalty B4 Reform Legislation Water Depth 0‐100 100‐200 201‐500 501‐800 801‐1000m >1000m Onshore: 20% Swamp/ Shallow water 18.5% Shelf PSC 16.67% Deep Offshore PSC 12% 8% 4% 0 OOILEDARE USAEE 2010, Calgary, Canada 7 7
Page 1 and 2: PETROLEUM INDUSTRY REFORM IN NIGERI
Page 3 and 4: Petroleum Industry in Nigeria • N
Page 5: Broad Objectives of the Reform •
Page 9 and 10: Proposed Fiscal Instruments for Nig
Page 11 and 12: Proposed Example Fiscal of Instrume
Page 13 and 14: Modeling Deepwater Economics —DCF
Page 15 and 16: Production Sharing Contract Model D
Page 17 and 18: Incremental Deepwater Project: 100
Page 19 and 20: Sensitivity of Nominal IRR vs. HGT
Page 21 and 22: Sensitivity of Nominal IRR vs. HGT
Page 23 and 24: Internal Rate of Return: Fifty Perc
Page 25 and 26: Conclusions • Ongoing petroleum i

PETROLEUM INDUSTRY REFORM IN NIGERIA: SIMULATION ...

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