Raised deep-offshore oil royalties for the first time in over two decades — later superseded by the Petroleum Industry Act 2021.
This Act amended the 1993 PSC regime to raise royalties on deep-offshore and inland-basin oil, the first review of production-sharing terms in over twenty years. It introduced a flat 10% royalty on deep-offshore fields beyond 200m water depth and 7.5% for frontier/inland basins plus a price-based royalty, projected to add over $1bn a year. It was superseded by the Petroleum Industry Act 2021.