That's the $10 billion question. I believe the Oil & Gas Act states that the government and LOs can elect "up to" 22.5% ownership and for that they must only pay back end loaded sunk costs. Since tat Act has not been changed, I would think that anything above the 22.5% must be at "market" and paid with normal terms for these projects. I've not reviewed the O&G Act specifically on this, but I believe these terms are some that IOC had input on as well as the royalty and tax rates.
We ought to know soon. My gut says we have NEC approval by the 15th and for some reason I'm predicting by Wednesday. WAG
We ought to know soon. My gut says we have NEC approval by the 15th and for some reason I'm predicting by Wednesday. WAG