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Nigeria Races to Extract Its Oil Before It’s Too Late

Primarily native vitality corporations, most of which established themselves by shopping for belongings from worldwide oil firms together with Royal Dutch Shell Plc. Prime candidates embrace Nigerian tycoon Tony Elumelu’s Heirs Holdings, which sealed a $1.1 billion deal in January to purchase one in all Shell’s oil blocks, and Seplat Power Plc, which has expressed curiosity in buying extra onshore and shallow-water fields. Shell, which has been energetic in Nigeria for greater than six a long time and has confronted a string of lawsuits from communities accusing it of damaging the atmosphere and destroying their livelihoods, is seeking to offload its remaining onshore belongings. The Anglo-Dutch large says it’s repeatedly fallen sufferer to theft and sabotage that’s resulted in oil spills. The federal government is wagering the legislation will persuade the oil majors to proceed with deep-water developments that already account for about half the nation’s output. 

https://www.washingtonpost.com/enterprise/vitality/nigeria-races-to-extract-its-oil-before-its-too-late/2021/09/02/3974cf08-0bcc-11ec-a7c8-61bb7b3bf628_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | Nigeria Races to Extract Its Oil Earlier than It’s Too Late

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