October 5, 2024
Nigeria pays $2.4bn cash call obligations to IOC, others
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Nigeria pays $2.4bn cash call obligations to IOC, others

Nigeria pays $2.4bn cash call obligations to IOC, others
Nigeria pays $2.4bn cash call obligations to IOC, others

The Federal Government, through the Nigerian National Petroleum Company Limited, NNPC-L, has paid $2.44bn cash call obligations to multinational oil companies which are joint-venture partners of the state-owned oil company.

The Federal Government 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.

In its latest report, the Nigerian Extractive Industries Transparency Initiative, NEITI, showed that total cash payment to JV operators stood at $2.4 billion as at 2023.

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NNPC-L has claimed that reconciliation is ongoing with the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, to ascertain any 2023 outstanding liabilities. However, the Nigerian Upstream Petroleum Regulatory Commission is yet to confirm this position.

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