Nigeria president backs local oil firms
Nigerian firms have increased their presence in onshore and shallow water areas, especially after recent sales of fields by firms including Shell, Total, Eni, Chevron and ConocoPhillips. Buhari told representatives of 20 Nigerian oil firms that they would receive the "full support and protection of his administration."
Nigerian firms have encountered operational problems because of weaker oil prices, insecurity in the Niger delta and funding constraints at NNPC and its upstream arm NPDC which partner Nigerian firms. Production costs had been increased by insecurity and were "unnecessarily high," Buhari said.
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