NNPC wants Petroleum Minister empowered to fix royalties

The Nigerian National Petroleum Corporation, NNPC, on Thursday proposed that the Minister of Petroleum Resources be empowered to set payable royalties.

Bello Rabiu, NNPC Chief Operating Officer, Upstream, made the proposal in a presentation to the Joint House of Representatives Committees on the amendment of the PSC Act and an Act to establish the National Oil and Gas Museum and Research Centre in Oloibiri.

Mr. Rabiu said the minister should be empowered to set royalties payable for acreages located in deep offshore and inland basin production sharing contracts through regulations based on established economic parameters.

A statement by the corporation’s spokesman, Udu Ughumadu, quoted Mr. Bello as saying that it was important to effect increment in royalties across all categories to increase government take.

The NNPC chief made the proposal as part of key amendments to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act to enable the Federal Government optimize the collection of royalties and other revenue in deep water oil production activities.

“It is our opinion that the proposal to increase the royalty rate for terrains beyond 1000 metres, from zero per cent to three per cent, is commendable. But it is necessary to also make corresponding adjustments in other categories,’’ he said.

The statement noted that under the proposed PSC royalty regime, the calculation of what is due to government shall be based on production and price to guarantee fairness and balance between PSC contractors and government.

“For Royalty based on production within a tranche of 50, 000 barrels of crude per day, the NNPC is proposing a royalty tranche rate of 8.0 per cent.

“Under a production tranche of 50, 000 to 100, 000bpd, the royalty tranche rate would increase to 15.5 per cent and would escalate to 28.0 per cent once the production surpasses the 100, 000 bopd mark,” the statement said.

According to the statement, to calculate royalty based on price, NNPC proposed that under a $ 50 per barrel price regime, the tranche incremental royalty rate shall be zero per cent but the rate would
increase to 0.30 per cent if the price hovers between the $50 to $100 mark.

In the same vein, a price regime of $100-$130 would attract royalty of 0.20 per cent while an increase of price between $130 -$170 translate to royalty rate of 0.10 per cent. A price regime of $170 and above would attract zero per cent royalty payment.

On the provision of investment tax credit, investment tax allowance and associated cost uplift and capital allowances to PSC contractors, the NNPC proposed an outright scrapping of the incentives.

“It is our opinion that these incentives have outlived their usefulness and are now impediments to the Federal Government’s revenue collection efforts. The use of such incentives can be terminated by an
amendment of section 4 of the Act,’’ the Corporation noted.

The Corporation called on the National Assembly to seek relevant input from the Federal Inland Revenue Service, to resolve the divergent opinions regarding the methodology for the computation of the taxes which would arise as a result of the proposed royalty regime.

On the Act to establish the National Oil and Gas Museum and Research Centre in Oloibiri, the Corporation however recommended the establishment of the Museum alone with clear budgetary allocation from the Federal Government under the control and management of the National Commission for Museum and Monuments.

“It is better to refine and upgrade the capacity of the Petroleum Training Institute, in Warri and the National College of Petroleum Studies, Kaduna, in order to avoid duplication of functions and more importantly ensure optimal utilization of funds,’’ the statement said.

Chris Brown Slams Babymama after She Said He gave their Daughter Asthma with his Weed

Chris Brown’s baby mama claims the singer is not only a bad influence on their kid.. he’s making the child sick.

According to TMZ, Nia Guzman claims 1-year-old Royalty has developed asthma, and she says it’s all because Chris has exposed her to an extreme amount of secondhand smoke.  Nia says when Royalty comes back from a visit with Chris she usually reeks of smoke.

Guzman also claims in legal docs she’s worried Chris is abusing drugs and has relapsed … especially
with sizzurp.

Nia wants to restrict Chris’ visitation … asking the judge to force him to hire a full-time nanny or pull back on his right to be around the child.  She also wants the judge to force Chris to take random drug tests, prohibit him from using drugs or consuming alcohol around Royalty, and stop him from smoking around their daughter.

And Nia wants more child support … she’s getting $2,500 a month but wants it upped to nearly $16k a month.

Chris Brown has now reacted on Instagram. What he shared below:

Chris Brown Reveals He Knew Royalty Was His, Despite His Baby Mama’s Denial

Chris Brown has revealed  he suspected Royalty was his even when his baby mama,Nia denied it..In an interview with Vibe magazine,he said

 “I had thought about it. I had saw pictures, and I was like ‘Damn.’ So I asked, and [Nia] was like ‘Nah, it’s not you.’ So I was like cool, I didn’t think it was an issue. But when I found out, it was kind of like, ‘Damn, she looks just like me.’ And I didn’t care about how me and her mother didn’t have a relationship, I didn’t care about any situation. I just wanted to see her. I just wanted to be able to have that opportunity, as something personal to me. I’m not gonna be upset, I’m not gonna be mad. I have to be honest with myself and pick the priorities over the situation. I had to make my priority my daughter.”

Chris Brown To Release One New Video Everyday Till His “Royalty”Album Drops

R’n’b Superstar Chris brown has just dropped an amazing and exciting “One video everyday Until The Album” News for his Fans that definitely would get everyone excited about the New King Of Dance for his Royalty Album. Chris brown who dropped Back to Sleep a video off the Album last week  has received brilliant reviews from Fans and Critics alike and is definitely letting us know that He isn’t planning on backing down anytime giving us what he knows how to do best with Good music and Spanking Videos. See his tweet Below.

Chris Brown Takes Daughter ‘Royalty’ To His Basketball Game

Chris Breezy attended a basketball game with his precious little girl, Royalty and he had this to say:

I’m too blessed for the bullshit. People who have had to sit a watch me for years do me and watch their females actually love me always show their insecurities. I embrace anything God has given me. It’s bigger than this music shit. I’m content with being Chris Brown. A lot of people are unhappy and a lot of these artist lie to the fans or rely on hype to gain substance. You niggas bore me. Ima keep being who God made me to be! ??

Chris Brown Reveals His Baby’s Name

Chris brown’s baby name is Royalty. Brezzy’s baby mama named the kid Royalty without consulting Chris because was always busy with his carrier.

TMZ broke the story that Chris and Nia hooked up summer of 2013 and she gave birth 9 months ago and Karrueche was blindsided. she had no idea until minutes before TMZ posted the story Tuesday afternoon.

Chris says he now wants to openly participate in raising the baby. Nia and Royalty live in Texas, and
Chris says he’ll gladly fly there regularly to parent her.

Guess What Chris Browns’ Baby Girl’s Name Is

Chris Brown’s baby girl answers to Royalty! TMZ learned Nia named the kid Royalty. What we don’t know … whether she consulted Chris before inking the birth certificate.

TMZ broke the story … Chris and Nia got it on summer of 2013 and she gave birth 9 months ago. As we reported, Karrueche was blindsided … she had no idea until minutes before TMZ posted the story Tuesday afternoon.

As for Chris’ involvement … we’re told he calls Nia regularly and now says he wants to openly participate in raising the baby. Nia and Royalty live in Texas, and Chris says he’ll gladly fly there regularly to parent her.

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