Abstract

The first Act on Production Sharing Contract was enacted as the Deep Offshore and Inland Basin Production Sharing Contract Act, No 9 of 1999 (Cap D3 LFN 2004). Since then, it remained the operative law for twenty-one years. Meanwhile, as all good laws are wont to do, there was a provision for its amendment, if and when the need arose. However for this to happen, new development in the oil industry would have taken place, and upon the prompting over 20 of the relevant industries (personnel), amendment should or ought to be made. For want of due diligent towards this, the oil majors milked Nigeria “dry” years after the astronomical rise in crude oil prices internationally. To Nigeria’s chagrins and discomfiture, she has been ripped off huge amount of dollars as revenue for more than two decades. Nigeria suddenly realized and in less than three months amended the Deep Offshore and Inland Basin Production Sharing Contact Act. These 1st, 2nd and 3rd readings were done between Thursday 3rd, Thursday 10th and Tuesday 15th all in the month of October, 2019. This bill was signed into law by the president in London while on medical vacation. This article therefore, concludes that more amendments need to be done,  and an amendment committee comprising of oil and gas practitioners, lawyers, legislators, and interested parties be established to recommend a holistic amendment of the Deep Offshore and Inland Basin Production Sharing Contract Act.