Nigeria’s state oil company is renegotiating commercial contract terms with major oil firms, its chief told Reuters, in a move that it hopes will keep investment flowing into a sector crucial for its economy at a time when spending is being slashed.
Africa’s largest oil exporter and biggest economy relies on the oil sector for half of its budget and 90% of its foreign exchange. It wants to raise revenue but also attract investment.
Oil companies meanwhile, including Royal Dutch Shell, ExxonMobil, Total and Eni, are cutting billions in spending after taking hits to their profits, shifting money to renewable fuels and focusing only on the most cost-effective markets…
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