Nigeria is reducing its capital budget for joint venture oil operations by 40 per cent this year to $8.1 billion due to the slump in crude oil prices, sources at the Nigerian National Petroleum Corporation (NNPC) said Monday.
Nigeria, through the NNPC, operates oil joint ventures with
multinational companies including Shell, ExxonMobil, Chevron, Total and
Eni that account for almost half of Nigeria's oil output.