Royal Dutch Shell Group .com Rotating Header Image

Cash-strapped Nigeria to renegotiate contracts with oil majors

Screen Shot 2015-09-17 at 07.50.17

Screen Shot 2015-09-17 at 07.51.34

Screen Shot 2015-07-31 at 19.22.09By: Carl Surran, SA News Editor: Sept 16, 2015

Nigeria’s state oil company says it plans to renegotiate production sharing agreements with oil majors including Royal Dutch Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Eni (NYSE:E), as the country has been hit hard by the plunge in global oil prices.

“Some of the contracts were negotiated over 20 years ago and they have since been overtaken by new realities in the industry,’’ says Ibe Kachikwu, the new head of the Nigerian National Petroleum Corp.

Nigeria is Africa’s top producer of crude oil and gets 70% of its government revenues from oil.

SOURCE and its sister non-profit websites,,,,,, and are owned by John Donovan. There is also a Wikipedia feature.

Comments are closed.

%d bloggers like this: