Energy Biz Roundup: Exxon & Shell Predict Troubles In Nigeria, Petrobras Opposes Brazilian Ban

Exxon Mobil Corporation (NYSE:XOM) and Royal Dutch Shell (RDS.A) are objecting the Nigerian President Goodluck Jonathan’s intentions to overhaul his country’s petroleum sector, who says that the plans that are currently in use date back to the 1950s, and are outdated and “punitive” compared with terms everywhere else. Jonathan’s government wants a larger portion of production, but the oil majors respond that future investments could be at risk if the revisions go through.

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Petrobras (NYSE:PBR) reports that it is taking legal action to remove an injunction that disallows the drill-rig operator Transocean (NYSE:RIG) from operating in Brazil. The latter and Chevron Corporation (NYSE:CVX) were served with the injunction on Thursday. At the present time, Petrobras leases eight rigs from Transocean, with seven drilling off the coast, while the eighth is in dock.

Don’t Miss: Chevron and Transocean Are In Trouble.