Buhari orders NNPC to reduce joint venture oil assets to 40%

PHOTOS: Buhari presides over FEC meeting
PHOTO CREDIT: Bashir Ahmad

Nigeria’s President has ordered the Nigerian National Petroleum Corporation (NNPC) to reduce its shares in all joint venture assets to 40 percent in the 2019 fiscal year, according to budget documents released on Tuesday.

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.