What are the major changes to the existing Petroleum Laws?
The changes to the existing laws are specific as well as diverse in many instances. For example, the laws seek to create a much more transparent administrative system where all interested parties could assess information and indicate interests on a given venture/projects in the oil and gas industry. It attempts to amend aspects of the Petroleum Profit Tax Administration, PPTA, which treat information relating to the chargeable profits of companies as confidential and secret. The new laws also clearly state procedures for bidding processes and retention of licences and leases which were hitherto, not the case in the old laws. It also simplifies collection of petroleum revenues by emphasising on rents and royalties and less on taxes.
