Nigeria targets oil companies for a greater share of profits

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Nigeria targets oil companies for a greater share of profitsIn a move Nigeria's president hailed as a 'landmark moment', Africa's largest oil producer approved legislation this week to bolster its share of revenues from international majors. The changes redraw the Deep Offshore (and Inland Basin Production Sharing Contract) Act which been in force since it was passed in 1993 when Nigeria was under military rule. The law mandated that the split of revenues between the state and the international oil firms should be reviewed if prices climbed over $20 per barrel.

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