EDITORIAL: Nigeria pulls shakedown playbook on oil majors

It might not have come as a surprise to those who follow murky Nigerian politics that its attorney-general and justice ministry want international oil companies to pay $62bn in outstanding revenues.

Under the 1993 law, Nigeria signed the revenue-sharing agreement that allowed oil companies to keep 80% of the sales from deep-offshore oilfields while the government took the remaining 20%. However, from at least 2002, when the US was preparing to invade oil producer Iraq to find nonexistent weapons of mass destruction, crude oil has been trading at well above the contractual level until today.

But he wants to go further. He wants to turn back the clock and make up for missing the opportunity to review the contract when crude started trading comfortably above the contractual level. Last week’s news came within days of President Muhammadu Buhari, who is serving his second term, unveiling a record 10.33-trillion naira, or R410bn, budget for 2020 to members of his parliament.

Source: News Formal (newsformal.com)

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