Wednesday, October 14, 2015

Nigeria revamps oil exploration firms in first step to reform

Nigeria's President Muhammadu Buhari has taken his first steps towards overhauling the troubled state oil firm.

In a statement by the National Petroleum Corporation, the present administration is planning to reform the sector by giving its exploration joint ventures control over their own budgets as a way to overcome chronic cash shortages.
 Corruption and mismanagement at the Nigerian National Petroleum Corporation have hampered an industry that provides 70 percent of state income. Read more

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