UPDATE 4-Nigeria seeks $62 billion from oil companies -attorney general

(Adds Chevron comment, paragraph 10)
By Alexis Akwagyiram and Chijioke Ohuocha
LAGOS, Oct 10 (Reuters) - Nigeria is seeking $62 billion
from oil companies under regulations that allow the government
to revisit revenue-sharing deals on petroleum sales if crude
prices exceed $20 a barrel, the attorney general told Reuters on
Thursday.
The government in Africa's largest oil exporter relies on
oil for some 90% of foreign exchange. Oil prices rose to more
than $100 a barrel in 2014 before a sharp drop that triggered a
2016 recession in Nigeria, leaving the government struggling to
fund its budgets.
A law dating back to the 1990s that governs oil production
sharing contracts allows the government to review revenue
sharing once the oil price rises above $20 per barrel.
Abubakar Malami, the attorney general, said Nigeria had been
"short-changed" under the law and was pursuing a case for
recovery if it was established that the oil companies had
under-paid the government.
"Computing the amount that should be credited to the
Nigerian government if the law was effectively applied, that
translates to around $62 billion against the IOCs (international
oil companies)," said Malami in a telephone interview.
"All options are on the table and there is no limit to what
we can do in terms of engagement, in terms of settlement, if the
need arises," said Malami. He declined to name the oil companies
involved in the matter.
Earlier this year, industry and government sources told
Reuters that Royal Dutch Shell RDSa.AS , Chevron Corp CVX.N ,
Exxon Mobil Corp XOM.N and Eni SpA ENI.MI , were each asked
to pay the central government between $2.5 billion and $5
billion.
"We do not agree with the legal basis for the claim that we
owe outstanding revenues and the matter is pending before a
court," said Shell spokesman Bamidele Odugbesan.
An Exxon Mobil spokesman said the company was "not a party
to the Supreme Court case and not bound by the judgment," adding
that its Nigerian affiliate "is currently reviewing the matter
and considering next steps."
And a Chevron spokesman said its companies in Nigeria
"comply with all applicable laws and regulations in the country
and will continue to work with the Nigerian government toward
the development of the oil and gas industry".
Eni was not immediately available for comment.
President Muhammadu Buhari on Tuesday presented a record
10.33 trillion naira ($33.8 billion) budget for 2020 to
lawmakers. He has repeatedly rolled out record spending plans
but struggled to fund them due to lower oil output and an
inability to boost non-oil exports.

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BREAKINGVIEWS-Nigeria's $62 bln oil demand is bargaining chip
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