Bloomberg reported that Royal Dutch Shell Plc’s Mutiu Sunmono said Nigeria needs a balanced law for the oil industry which could benefit its government and investors.
As quoted in the market news:
Energy companies including Shell, Chevron Corp., Exxon Mobil Corp., Total SA and Eni SpA said in a joint presentation to lawmakers in 2009 that the proposed tax increases would make exploration “uneconomical.” They pump more than 90 percent of the country’s oil through ventures with state-owned Nigerian National Petroleum Corp.
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