Nigeria has signed an offshore oil deal with Shell, Exxon, Total and Eni, that the state says will generate millions, settle disputes and open the way to a $10 billion investment.
Nigeria, Africa’s largest oil producer and exporter, has been hit hard by a combination of falling crude prices and the global pandemic. Bonga produced 90,000 barrels per day in February, below its maximum capacity of 225,000 bpd, and the new deal could lead to an expansion of the field’s capacity. Kyari said in a speech that he hoped the agreement would be an “opportunity for investors to see that this country is open for business.”
Another oil theft contract
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