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Nigerian Oil Companies Boost Output Share as Majors Retreat

Nigerian-owned oil companies are boosting their share of the country’s output by taking up fields in restive areas as international energy companies retreat, Ecobank Research said.

For more than five decades, Royal Dutch Shell Plc, Exxon Mobil Corp., Chevron Corp., Total SA and Eni SpA pumped about 97 percent of Nigeria’s output, according to figures provided by state-owned Nigerian National Petroleum Corp. That fell to 90 percent in 2006 and is set to shrink further to about 60 percent in five years “if the current divestment trend continues,” Rolake Akinkugbe, a London-based energy analyst for Ecobank Research, said in an e-mailed response to questions.