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The existing rates of 10% for deep offshore and 7.5% for frontier basins are unchanged. Crude oil by price: 0% for an oil price of below US$ 50 per barrel, 5% at an oil price of US$ 100 per barrel and 10% for above US$ 150, with linear interpolation between these markers. These rates are for 2020 and are to be increased by 2% each year. No royalty is payable in frontier acreage.     Grandfathering or voluntary conversion of existing licences: Last year also saw proposed changes to Nigerian content requirements. The Nigerian Content Development and Enforcement Bill (Bill) proposed to repeal and replace the Nigerian Oil and Gas Industry Content Development Act 2010. Important changes in the draft Bill we saw included the end of charging of the content development levy, with the Board to instead receive funding from the Government (however the power and solid mineral industries will face content levies). However, this Bill has not yet become law.

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