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Nigeria claims 62 billion dollars to foreign oil companies

The sum is unprecedented: Nigeria is demanding $ 62 billion in arrears from foreign oil companies, following the victory of the oil producing states. Oil companies counterattack.

The list of foreign oil companies that have filed appeals against the Nigerian government is growing. After the Anglo-Dutch Shell, it is the turn of the American ExxonMobil, Norwegian Equinor and Chinese Cnooc to attack the executive of Abuja, reports AFP. These companies are challenging the Nigerian government's request for no less than $ 62 billion, nearly twice the country's projected budget!

A requirement of the oil producing states

Everything started from an action of the oil producing states. " Since the return of democracy in Nigeria, the federated states are entitled to 13% of the revenues of the national company, up to their respective production , says expert Philippe Sébille-Lopez. The bigger the sum, the more they are winners . " Three of them won the Supreme Court of Nigeria last year. They therefore demand that the Nigerian state claim $ 62 billion from foreign companies under a 1993 law, passed at the time of the first production-sharing contracts to exploit offshore deposits. This law provided that beyond 20 dollars a barrel, the national company NNPC should recover a larger share of profits.

Embarrassment of the bad state manager

The Nigerian state claims today to want a better sharing of oil revenues, but is rather embarrassed by this case. " Negotiations began at the highest level " with foreign companies, entrusted AFP with the direction of the Nigerian national company NNPC. Foreign companies are challenging the Supreme Court's ruling on form because they have never been auditioned.

Basically, beyond the sum, which remains to be proven, how can one explain why the federal government never made its claims, year after year, when it was up to him to claim? " If he did not do it ," says Philippe Sébille-Lopez, " it was because he was still in a position to depend on the financing of foreign companies, who always put their Nigerian partner's money forward to finance the project. exploration and production. This case is embarrassing for the Nigerian state because it highlights its negligence and the mismanagement of its national company, the NNPC .