According to recent reports, the Nigerian parliament is considering the draft Petroleum Industry Bill 2020 (PIB), which provides for the introduction of a new framework for the oil and gas industry. Among other things, the bill contains new measures on taxation, including the repeal of the current Petroleum Profit Tax Act and the introduction of a new Hydrocarbon Tax. The Hydrocarbon Tax would apply to companies engaged in upstream petroleum operations onshore, in shallow water, and deep offshore. It would apply to crude oil, condensates, and natural gas liquids produced from associated gas, but will not apply to: Associated and...