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Oil groups battle plans for Nigeria overhaul

Financial Times

By Tom Burgis in Lagos

Published: October 11 2009 17:56 | Last updated: October 11 2009 17:56

Oil groups will meet Nigerian officials this week for crunch talks on an overhaul of sub-Saharan Africa’s biggest energy industry, in the wake of a Chinese company’s bid for stakes in prime fields.

Royal Dutch Shell, Chevron, ExxonMobil and others hope to persuade the government to ease tough new terms in draft legislation. They are also locked in negotiations over leases to oil fields they have held for 40 years, with the government asking for billions of dollars to renew them.

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