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16/09/2015at 12:23

Nigeria looking to renegotiate oil contracts

Nigeria, Africa's largest oil producer, is looking to renegotiate oil contracts between state-owned oil company NNPC and oil majors such as Shell, Chevron and Exxonmobil.
Photo: Øyvind Hagen - Statoil
BY RITZAU FINANS

Oil contracts in Nigeria will be renegotiated. The country, which is Africa's largest oil producer, will renegotiate oil contracts between state-owned oil company NNPC and international oil majors such as Shell, Chevron and Exxonmobil. The purpose of the renegotiated agreements is to patch up a bleeding hole in the Nigerian state's coffers, sparked by the low oil prices in recent years, reports the Financial Times.

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