Foreign financiers halt investment in Nigerian oil fields

cut $2.7bn annual revenues flowForeign financiers have embargoed investments in three Nigerian deep offshore oil fields, cutting $2.7 billion annually off revenue accruable to the country. Global oil consultant, Wood Mackenzie, said in its latest report sighted yesterday that Nigeria also risked 35 per cent oil output slip without reforms. Cost increases and uncertainty in Nigeria's crucial energy sector could lead to cut down in oil output over 10 years as companies delay investment in key oilfields, the new research due to be published today read. Wood Mackenzie
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