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Nigeria - Emmanuel Egbogah.


A presidential adviser, Egbogah chairs a committee which examines the fiscal element of PSAs in the country's deep-water fields signed in 1993. An official audit made public on Aug. 11 showed that ExxonMobil and Chevron had failed to pay $310m in petroleum profit tax. The statutory Nigeria Extractive Industries Transparency Initiative (NEITI) then criticised the upstream regulator for failing to verify royalty payments calculated by IOCs. NEITI said that resulted in a $243m shortfall in royalty payments to the government in 2005.

On May 23, 2008, the FT quoted Egbogah as saying Shell and ExxonMobil were owed a total of $1.91bn in unpaid taxes and revenues after a review of contracts covering huge offshore oilfields signed in 1993. The demand had underlined Abuja's desire to drive a harder bargain with the IOCs despite deals struck in the previous week to tackle funding shortfalls damaging its JVs with ExxonMobil and Total. Egbogah then told the FT he was contacting the IOCs to begin recovering the funds. He added: "I am extremely confident that we will get the money that we say is owed to us, because this is based on the facts of the agreement". The tax and revenue claims stemmed from contracts signed in 1993 covering Shell's huge Bonga field and ExxonMobil's Erha.

COPYRIGHT 2009 Input Solutions Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.

Copyright 2009 Gale, Cengage Learning. All rights reserved. Gale Group is a Thomson Corporation Company.

NOTE: All illustrations and photos have been removed from this article.


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