with its foreign oil company partners to usher in a new funding mechanism for upstream ventures, with the target of increasing the country’s oil production to 2.5 million b/d by 2019 and boosting oil revenue by an annual $2 billion. The new mode of funding-signed with Shell, ExxonMobil, Chevron, Total and Eni-will come into effect from next January and will see Nigeria exit the current system of contributing money to fund its average 57% equity in the country’s upstream ventures, known locally as “cash call,” instead allowing producers to independently source funds and control their own budgets, oil minister Emmanuel Kachikwu said.
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