Emmanuel Egbogah is reluctant to say just how much money he will try to wring out of western majors when he starts renegotiating contracts covering Nigeria’s vast offshore oilfields. But it seems clear that any executives from companies such as Royal Dutch Shell, Chevron and Total which were hoping for a leisurely review will be in for a surprise.

“We don’t intend to sit around, we’re settling to business, and therefore we’re going to deliver on this as quickly as possible,” says Mr Egbogah, a special adviser to Nigerian President Umaru Yar’Adua on petroleum. “There’s a wide margin of areas that we could look for adjustment … With the price of oil as it is today, I think everyone will end up a winner.”