Exxon: Nigeria Not Living Up to Oil Potential

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A Vice-President of Exxon Mobil Production Co., Elijah White, has said Nigeria needs to create a "stable and attractive" climate for energy investors.

"Nigeria needs to create a stable and attractive investment climate, competitive fiscal terms to attract capital and develop clear regulatory and competitive policies that would enable her to realize the full potential of the industry," a report yesterday by UPI quoted him as saying.

Nigeria aims to increase its proven crude oil reserves from 35 billion barrels currently to 40 billion barrels by 2020, a claim Exxon doubted despite assurance from the federal government that it could do so despite a fragile national security situation and declining international investments.