Tuesday, June 28, 2011

Nigeria oil JV bill 'shelved'


An unwillingness from foreign players to cede any control of operations in the country to state-owned giant Nigerian National Petrol¬eum Corporation (NNPC) was behind the unconfirmed scrapping of the overhaul, Reuters reported.

The development of incorporated joint ventures (IJV) was intended to free up liquidity to push the West African nation’s oil industry forward.

“The IJVs are off the table for now," one executive at a foreign oil company, who asked not to be named, told the news wire.

"The oil majors don't think they would solve the funding problems and it would mean NNPC members became chairmen of the boards and they would want to manage operations that they (foreign oil majors) believe are better handled by themselves,” the source continued to Reuters.

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