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Nigeria: Plans to hit IOCs with ‘tighter’ PSC terms

The government is expecting to tighten the terms of production-sharing contracts with international partners, seeking a larger percentage of the take while bringing PSCs into line with more ‘balanced’ joint venture arrangements. The proposal is part of a wider attempt to introduce a different kind of relationship between international oil companies (IOCs) and national governments, minister of state for petroleum Emmanuel Ibe Kachikwu said on the fringes of the African Petroleum Producers Organisation’s Cape VII conference on 3 April.

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