The Economy

Russia, Nigeria Reach Energy Cooperation Deal

Sept. 3, 2008

A joint Russian-Nigerian company will develop projects

Russian gas giant Gazprom said on Sept. 3 it has signed a cooperation deal on oil and gas exploration in Nigeria. The agreement covers exploration and production of oil and gas plus associated operations in several projects.

A joint Russian-Nigerian company will develop the projects, it added.

Nigeria was until recently Africa's largest oil exporter but militants seeking a greater share of the wealth in the Niger delta region have waged a campaign of attacks and kidnappings, cutting output sharply.

Angola is now counted as Africa's biggest oil producer, ahead of Nigeria, as a result, according to figures from the Organization of Petroleum Exporting Countries (OPEC).

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