https://www.engineeringnews.co.za

Nigeria lawmakers look into recovering $21bn revenues from oil groups

19th January 2018

By: Reuters

  

Font size: - +

Nigerian lawmakers ordered an investigation on Thursday into whether the government could recover $21-billion in revenues from international oil companies.

Oil minister Emmanuel Ibe Kachikwu said in December the government had failed to enforce a legal provision entitling it to a greater share of crude sales once the price exceeded $20 a barrel.

Members of Nigeria's lower house of parliament voted to set up a committee to look into "the reasons for the loss", which the minister had estimated at $21-billion.

The committee would look into "the possibility of recovering the revenue lost," according to a statement on parliament's Twitter account.

The committee will ask the minister to provide details of financial transactions between the state oil firm and international oil companies and report back to parliament in six weeks, it added.

International oil companies in Nigeria include Shell, ExxonMobil, Chevron, Total and Eni.

In December, the oil minister said Nigeria was seeking to amend a law on deep offshore oil exploration and drilling, aiming to enforce the provision that the government take a greater share of crude sales when prices passed the $20 mark.

The minister said at the time that it would be difficult to recoup the historic losses, incurred since 1993, as the oil companies were not breaking the law.

Nigeria's government relies on oil for around two-thirds of its revenue, and is still largely dependent on crude production despite the current administration's attempts to divers

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.191 0.248s - 137pq - 2rq
Subscribe Now