$62bn Controversy: Why Nigeria could not amend contracts with IOCs — NNPC COO
The recent decision by the Federal Government through the Office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, to demand from the international joint venture oil companies the payment of $62 billion as arrears of revenue they should have paid based on the terms of the Production Sharing Contract (PSC) agreement has continued to generate controversies from interest groups in the oil and gas industry.
In this interview, culled from the NNPC News magazine, the Chief Operating Officer (Upstream), Bello Rabiu, explains why it has been difficult for the government to renegotiate the fiscal terms and amend the PSC with the IOCs. Excerpts:
