Nigeria to reduce JV oil assets to 40 pct in 2019 – budget document

ABUJA, May 28 (Reuters) – Nigeria’s president has ordered the government to reduce all shares in joint venture oil assets to 40 percent in the 2019 fiscal year, according to budget documents released on Tuesday.

State oil company NNPC owns a 55 percent stake in its joint venture with Royal Dutch Shell and 60 percent stakes in others.

Other oil majors including Chevron and ExxonMobil also operate joint ventures with the NNPC. (Reporting By Camillus Eboh in Abuja, writing by Libby George; editing by David Evans)


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