The Nigerian government, through its attorney-General, Abubakar Malami, says it is determined to recover over $62 billion from multi-national oil companies for ‘under-payment’ to the country since 1998. Under the country’s joint operating agreement, Nigeria is authorised to review the existing profit-sharing formula with its partners once crude oil prices at the international oil market rise above $20 per barrel. But, the Minister of Justice, Mr Malami, was quoted to have said that Nigeria was unable to enforce the law since October 1998 when oil prices rose above the agreed threshold. Reuters reported the Minister as confirming that the joint venture partners with the Nigerian Nation Petroleum Corporation (NNPC) “have been reluctant to adjust the sharing formula in line with their various operating agreements”. Operating agreements The six international oil companies are currently having joint operating agreements with the NNPC on behalf of the Nigerian government. They include Shell […]