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Nigeria Starts Talks With Oil Majors to End $62 Billion Dispute

  • Government claims it’s owed money as price of crude has risen
  • Justice minister says possible settlement isn’t ‘out of sight’
Aboard The Ladol Offshore-Oil Hub Ahead Of Possible Nigerian Stock Listing
Photographer: George Osodi/Bloomberg
Updated on

Nigeria began preliminary talks with international oil companies to settle a dispute over revenue.

The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20 a barrel. The companies are challenging the claim.