Politics EXPLAINER: What’s the big deal about this ‘$1.4bn PSC law’ just signed by Buhari? - The Cable


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There has been so much noise about the amendment of PSCs in the deep offshore and inland basin production sharing contract (DOIBPSC) law which President Muhammadu Buhari signed on Monday. What’s PSC, for goodness sake?

In the late 1980s and early 1990s, oil prices were very low and Nigeria was struggling to meet its cash-call obligations to the joint ventures (JVs) with oil majors. The country was also keen on expanding its oil reserves. To achieve these multiple goals, the country

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