FGS rewrites PSA, gives more favourable rates to oil companies

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They did this without the input from FMS or the parliament. We are likely looking at 5-10% for the FGS now...

The ministry has been in talks with IOCs over improving the terms of its PSA, the template of which it made public earlier this year. The revised version is due to be published in November and will include revisions to account for the cost of deepwater drilling and the geological risk involved in tackling a frontier play. “The PSA is now more investor friendly,” Hussein says, although no further details were available.

 

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