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With Bonga, Nigeria signals its oil sector is open for business

After the Bonga deal, investors wait to see if the Erha oil field operated by Exxon will follow quickly

Last week, Nigeria signed a long-awaited accord renewing the oil mining lease 118, otherwise known as Bonga, for another twenty years, and it has signalled to the world that its beleaguered oil industry is open again for business. Negotiations leading up to the deal carried on for more than four years, held up largely by…

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