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The Nigerian National Petroleum Company Limited has so far paid a total of $3.68bn out of the $4.689bn cash call debt to five international oil companies that are its joint venture partners.
The latest data obtained from the oil firm on Wednesday on the cash call arrears repayment showed that while the NNPC had completed the repayments to Mobil Producing Nigeria and Chevron Nigeria Limited, it was still owing three other IOCs.
The three IOCs include Shell Petroleum Development Company, Total Exploration and Production Nigeria, and Nigeria Agip Oil Company.
The outstanding balance of NNPC to the three firms, as captured in the March 2022 report put together by the oil company, was $1.01bn as of December 31, 2021.
Cash calls are sent by joint-venture operators to non-operating partners for payment in the light of anticipated future capital, operating expenditures, or the need for additional capital contributions.
The Federal Government through the NNPC had over the years piled up unpaid bills, referred to as cash calls, which it was obliged to pay the IOCs with which it had joint ventures for oil exploration and production.
It was observed that the outstanding balance of NNPC to SPDC was $595.1m, its indebtedness to TEPNG was put at $164.6m, while that of NAOC was 252.05m
Written by: EaglesFM
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