According to NNPC chief upstream officer Mallam Bello Rabiu, the objective is to boost overall government take by increasing royalties for acreage beyond the 1000 metre isobar to 3% from zero, where it currently stands — the final calculation will be based on both production and price.
Production between 50,000 and 100,000 barrels per day of oil would attract a royalty of 15.5%,
