The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu PHOTO: Ladidi Lucy Elukpo
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday disclosed that Nigeria lost about $21billion (N7.6 trillion) to International Oil Companies (IOCs) operating in the country as a result of non-implementation of the Production Sharing Contract (PSC) Act of 1993.
Consequently, the Federal Executive Council (FEC) at its meeting yesterday presided over by Vice President Yemi Osinbajo approved an amendment to Section 15 of the PSC law.
The minister told State House correspondents after the meeting that “once the price of crude oil exceeds $20 per barrel, the government will take steps to ensure that the premium element is then distributed at an agreed level for the nation to get more from her oil.
“But over the last 20 years, nothing really was done. From 1993 till now cumulatively, we have lost $21 billion because government did not act, we did not exercise it.
