ShippingWatch

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

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.

Last month Nigeria's president Buhari appointed a new head of the country's state-owned oil company, Ibe Kachiwku, Following his appointment, the new Chief Executive immediately announced his intention to renegotiate the approximately 20-year-old contracts with the foreign corporations in order to secure Nigeria a bigger slice of the pie.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

One alternative fuel may be particularly dangerous

In a new study – which Maersk, Shell, Euronav and MSC Ship Management, among others, are behind – the new alternative fuels are ranked based on how dangerous they are. The industry has to be careful with one of them, in particular.

Further reading

Related articles

Latest news

See all jobs