Total Worried About Nigerian Oil Legislation

Total

, Europe's third-largest oil company, expressed concern that pending legislation before the Nigerian parliament could deter investment in the African nation's oil industry. Lack of investment has already hobbled Nigeria's oil business to some degree over the years, hampering the country's ability to consistently remain Africa's top oil producer. The bill before parliament proposes to change the way Nigeria's oil and gas industry is regulated and funded, while increasing taxes and royalties to the government, according to Bloomberg News. Foreign energy companies operating in Nigeria say the terms make it unprofitable to invest in the country's deepwater fields, Bloomberg reported. Total also said it expects to start pumping oil at its Usan deepwater field off Nigeria's coast in 2012. The company said it does not know if the bill will affect that project. Chevron

, Eni

, Royal Dutch Shell (NYSE:

) and Exxon Mobil

are among the other western oil majors that are active in Nigeria.