Nigeria in Accord With Oil Majors That May Unlock New Investment
- Shell, Exxon, Total, Eni sign agreement with state oil company
- Deal resolves dispute that had stood in the way of development
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Nigeria signed an accord with some of the world’s largest oil companies that could unlock billions of dollars of investment in an offshore oil field.
The Nigerian National Petroleum Corp. concluded agreements on Tuesday with Royal Dutch Shell Plc, Exxon Mobil Corp., Total SA and Eni SpA to create a new production sharing contract for Oil Mining Lease 118, the company said on Twitter. The permit includes Bonga, a deep-water oil field that pumped about 90,000 barrels a day in February.