Nigerian government to reduce joint venture equity by end of this year

Nigeria’s government is set to sell off equity in all its major joint ventures — including pipelines and refineries — retaining only 40% stakes in some of the most productive concessions in the Niger Delta, writes Barry Morgan.

The Nigerian National Petroleum Corporation (NNPC) currently holds a 55% stake in its Shell joint venture and 60% stakes in unincorporated joint ventures (UJVs) with all other supermajors including ExxonMobil, Chevron, Total and Eni.