Nigerian Government Renegotiating Petroleum Contracts


	Nigerian Government Renegotiating Petroleum Contracts

pickinjava

10-27-2007 8:18 AM

209 views

tags:

nigeria, africa, international business, petroleum industry, economic development, production sharing contracts

pickinjava says:

This move needs to be combined, of course, with consideration of how petroleum revenues are distributed in Nigeria. In addition, the Nigerian government likely exercises increased leverage given situation in the Middle East.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/5b36600a-650f-4752-964c-ba486ca2c743/1AC41809-B24C-483A-B212-20D2875C2532/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://allafrica.com/stories/200710260360.html" href="http://allafrica.com/stories/200710260360.html" style="font-size: 11px;">allafrica.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://allafrica.com/stories/200710260360.html"><P class="story-body">THE Federal Government has commenced moves to renegotiate several existing oil exploration and production contracts with multinational companies operating in the country as part of efforts to boost revenue receipts and limit the impunity with which oil reserves were booked in the past.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://allafrica.com/stories/200710260360.html"><P class="story-body">Shell, the biggest foreign oil operator in Nigeria, and Total are the most exposed to changes in contracts in Nigeria in terms of reserves, analysts at ING said in a research note.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://allafrica.com/stories/200710260360.html"><P class="story-body">The surprising development comes after a long period in which Nigeria has been a beacon of honouring contracts and not mimicking other oil nations around the world in recent years, like Venezuela, where the government has forced unfavourable contract changes on foreign operators.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://allafrica.com/stories/200710260360.html">Since the 1960s, the Nigerian government has been a joint-operator with companies like Chevron and Shell in developing its onshore resources.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://allafrica.com/stories/200710260360.html">jointly coughing up millions of dollars to bankroll projects - something the government no longer wants to do.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1AC41809-B24C-483A-B212-20D2875C2532/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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