Overview

This is an amendment decree by the Federal Military Government of Nigeria, dated May 10, 1999, which amends the Deep Offshore and Inland Basin Production Sharing Contracts Decree of 1999. Key amendments include: deletion of Section 16 and renumbering of subsequent sections; substitution of a new section 16 that introduces a price review mechanism where if crude oil price exceeds $20 per barrel (real terms), the government's share of additional revenue must be adjusted to ensure economic benefit to the government, and also mandates a review after 15 years from commencement and every 5 years thereafter; deletion of the interpretation of 'Joint Ventures' from Section 18. The decree is deemed to have come into force on January 1, 1993. It was signed by General Abdulsalami Alhaji Abubakar, Head of State and Commander-in-Chief.

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