Nigeria's Only Oil Corporation Scrapped

The Nigerian Federal Government has scrapped the country's state-owned oil corporation, leaving its global oil partners hanging in the balance.

The country's federal government announced the scrapping of the Nigeria National Petroleum Corporation (NNPC) and the Ministry of Petroleum which have been promptly replaced with five new agencies to control and regulate the nation's oil and gas sector, according to local reports.

The NNPC is partner to all major oil companies operating in Nigeria including Chevron, BP and Shell.

Reported by staff writer