{"id":720278,"date":"2019-10-10T12:28:38","date_gmt":"2019-10-10T12:28:38","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/"},"modified":"2019-10-10T12:28:38","modified_gmt":"2019-10-10T12:28:38","slug":"nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/","title":{"rendered":"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/\">\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"420\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg\"   alt=\"Buhari\" title=\"Buhari\"\/><figcaption class=\"wp-caption-text\">President Muhammadu Buhari<\/figcaption><\/figure>\n<\/div>\n<p>Nigeria is seeking to recover as much as $62 billion<br \/>\nfrom international oil companies, using a 2018 Supreme Court ruling that<br \/>\nenables the state to increase its share of income from production-sharing<br \/>\ncontracts.<\/p>\n<p>On October 17, 2018, the Supreme Court delivered a<br \/>\nConsent Judgment which mandates the Federal Government to increase its share of<br \/>\nrevenue under oil Production Sharing Contracts (PSC) whenever the price of<br \/>\ncrude oil exceeds $20 per barrel in line with Section 16 (1) of the Deep<br \/>\nOffshore Inland Basin Production Sharing Contract Act (DOIBPSCA).<\/p>\n<p>However, the Federal Government has not adjusted the<br \/>\nrevenue accruable to the Federation over the years despite the fluctuating<br \/>\nincrease in the price of crude oil beyond $20 per barrel.<\/p>\n<p>The proposal comes as President Muhammadu Buhari<br \/>\ntries to bolster revenue after a drop in the output and price of oil which is<br \/>\nNigeria\u2019s main export.<\/p>\n<p>The government says energy companies failed to<br \/>\ncomply with a 1993 contract-law requirement that the state receive a greater<br \/>\nshare of revenue when the oil price exceeds $20 per barrel, according to a<br \/>\ndocument prepared by the attorney-general\u2019s office and the Justice Ministry.<\/p>\n<p>While the government hasn\u2019t said how it will recover<br \/>\nthe money, it has said it wants to negotiate with the companies.<\/p>\n<p>Under the production-sharing contract law, companies<br \/>\nincluding Royal Dutch Shell Plc, ExxonMobil Corp., Chevron Corp., Total SA and<br \/>\nEni SpA agreed to fund the exploration and production of deep-offshore oil<br \/>\nfields on the basis that they would share profit with the government after<br \/>\nrecovering their costs.<\/p>\n<p>When the law came into effect 26 years ago, crude<br \/>\nwas selling for $9.50 per barrel. The oil companies currently take 80% of the<br \/>\nprofit from these deep-offshore fields, while the government receives 20%,<br \/>\naccording to the document. Oil traded at $58.29 a barrel on the London-based<br \/>\nICE Futures Europe Exchange.<\/p>\n<p><strong>Source: Bloomberg<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari Nigeria is seeking to recover as much as $62 billion from international oil companies, using a 2018 Supreme Court ruling that enables the state to increase its share of income from production-sharing contracts. On October 17, 2018, the Supreme Court delivered a Consent Judgment which mandates the Federal Government to increase its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":720279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-720278","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"President Muhammadu Buhari Nigeria is seeking to recover as much as $62 billion from international oil companies, using a 2018 Supreme Court ruling that enables the state to increase its share of income from production-sharing contracts. On October 17, 2018, the Supreme Court delivered a Consent Judgment which mandates the Federal Government to increase its [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits\",\"datePublished\":\"2019-10-10T12:28:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/4975869351946_8831192552888.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/\",\"name\":\"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/4975869351946_8831192552888.jpg\",\"datePublished\":\"2019-10-10T12:28:38+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/10\\\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/4975869351946_8831192552888.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/4975869351946_8831192552888.jpg\",\"width\":640,\"height\":420},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/","twitter_card":"summary_large_image","twitter_title":"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits - Ghanamma.com","twitter_description":"President Muhammadu Buhari Nigeria is seeking to recover as much as $62 billion from international oil companies, using a 2018 Supreme Court ruling that enables the state to increase its share of income from production-sharing contracts. On October 17, 2018, the Supreme Court delivered a Consent Judgment which mandates the Federal Government to increase its [&hellip;]","twitter_image":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Written by":"Ghana News","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036"},"headline":"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits","datePublished":"2019-10-10T12:28:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/"},"wordCount":311,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/","url":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/","name":"Nigerian gov\u2019t demands $62 billion dollars from big oil companies for past profits - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2019\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg","datePublished":"2019-10-10T12:28:38+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2019\/10\/10\/nigerian-govt-demands-62-billion-dollars-from-big-oil-companies-for-past-profits\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg","contentUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/10\/4975869351946_8831192552888.jpg","width":640,"height":420},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2019\/#website","url":"https:\/\/www.ghanamma.com\/2019\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2019\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"}}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts\/720278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/comments?post=720278"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts\/720278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/media\/720279"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/media?parent=720278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/categories?post=720278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/tags?post=720278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}