Nigeria Needs Balanced Oil Law: Shell

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.

Click here to read the full Bloomberg report.