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BBC News: Nigeria eyes review of oil deals

Wednesday, 24 October 2007, 04:46 GMT 05:46 UK

Nigeria’s top energy adviser, Rilwanu Lukman, has said deals with foreign companies to extract Nigerian oil should be reviewed.

Nigeria produces billions of dollars worth of crude oil every year in partnership with Western companies such as Mobil and Shell.

Mr Lukman said he wanted to improve the conditions of oil deals to be even more mutually beneficial to both sides.

Nigeria is Africa’s top oil exporter and a key supplier of crude to the US.

Speaking to reporters in Abuja, Mr Lukman did not name specific companies.

“We have to look at what is on [the] ground now and see which way we can improve the conditions so that our relationship will be even more beneficial to both sides,” he said.

“We may have to reconsider some of our generous terms in order to ensure we are getting the best value.”

Despite Nigeria’s vast oil exports, few of its people have access to clean water or electricity.

The Niger Delta region has a history of disputes between oil companies and communities who have for years demanded a greater share of the wealth.

Nigeria is the fifth-largest supplier of crude oil to the US.

http://news.bbc.co.uk/1/hi/business/7059351.stm

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