Nigerian Petroleum Resources Minister Timipre Sylva this week announced he would prioritise the divestment by Nigerian National Petroleum Corporation (NNPC) of a substantial stake in joint ventures with major partners.
Sylva said the government will move to reduce NNPC's stake in joint operating agreements from 60% to 40% and from 55% to 40% in the case of Shell-operated concessions, which together account for some 90% of all Nigerian oil and gas production.
