Nigerian State Oil Reform Nears Completion

Nigeria’s plans for the reform of its state oil behemoth will be presented to President Umaru Yar’Adua by the end of April, according to the country’s Oil Minister Odein Ajumogobia.

The Nigerian National Petroleum Corporation (NNPC) is a partnership with a series of global oil giants exploiting the world’s eighth largest reserves, which has faced restructuring since allegations of corruption surfaced last year.

Designed to make NNPC “an independent oil company (…) like any other,” Ajumogobia cited Saudi Arabia’s Aramco, Malaysia’s Petronas and Brazil’s Petrobras as corporate models for the state’s main income generator.

Ajumogobia said he believes Nigeria’s oil production could reach a 2010 target of four million barrels per day, although given the current problems in the Delta I think he is in dreamland..