Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, showed.
The proposed changes signal a shift by Africa’s largest oil producer and show the impact of an increasingly competitive environment in the energy business after 2020’s global oil price collapse and an expected shift to renewables.
Nigeria in 2019 had fast-tracked a law to boost its take of offshore oil revenue, a move industry expert said at the time could put billions of dollars of offshore oil investments at risk…
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