But we're very conscious of the fact that people have choices.

Companies do make choices to live countries when they have toe.

We know that some of them will still still.

Prices of oil fell sharply last year, though markets have since recovered.

Nigeria, Africa's biggest oil exporter, relies on the sector for half its budget and 90% off its foreign exchange.

But all companies including Royal Dutch Shell, Eggs, automobile and Toe, tell our cotton billions and spending shifting money to renewable fields and focusing on the most cost effective markets.

Chiari declined to say what was specifically being negotiated, but such that new terms would be finalized before abandoned oil overhaul bill is passed.

The legislation, which Nigeria's parliament has promised to pass by me, is expected to define the sector for decades to come, but companies have criticized a draft for, amongst other issues, not doing enough to attract development dollars.

Companies will have the freedom to select between remain under the commercial arrangement or to move into the new fiscal around, Chiari says.

The NNPC, which is already planning an overhaul off its Port Harcourt facility, would be seeking financing of up to $2 billion for its worry and Kaduna refineries.

That re refineries, which have a combined capacity off 445,000 barrels per day, was shut down last year until much needed maintenance, repair and upgrades are completed.

They have not operated at full capacity for decades, but NNPC hopes extensive works can cut Nigeria's hefty fuel import costs.