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Nigeria’s Revised Oil Bill Will Help Boost Output, Minister Says

Nigeria’s revised oil industry bill will help increase the country’s crude output by attracting foreign investors, Petroleum Minister Diezani Alison-Madueke said today.

The Petroleum Industry Bill, which was approved by the Cabinet on July 11 and presented to the Parliament a week later, proposes a 50 percent tax for onshore and shallow fields and 25 percent for deep-water fields, according to a copy of the bill obtained by Bloomberg.