Home Uncategorized NNPC Reduces Debts to IOCs to $1.58bn, Pays Off Mobil

NNPC Reduces Debts to IOCs to $1.58bn, Pays Off Mobil

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 Out of about $4.6 billion negotiated joint venture (JV) oil production debt Nigeria was owing International Oil Companies (IOCs), about $3.02 billion has been paid by the Nigerian National Petroleum Corporation (NNPC), leaving about $1.58 billion as the outstanding, a report by the corporation has disclosed.

The NNPC in its October 2020 Federation Account Allocation Committee (FAAC) report, explained that it has continued to pay the debt to the IOCs since a discount was negotiated by former Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in December 2016, from about $5.1 billion to $4.6 billion.

Within the period, the corporation stated it has paid a total of $3.02 billion to Shell Petroleum Development Company (SPDC), Total Exploration and Production Nigeria (TEPNG), Mobil Producing Nigeria (MPN), Chevron Nigeria Limited (CNL) and Nigeria Agip Oil Company (NAOC).

It stated that SPDC which was owed a negotiated debt of about $1.4 billion has been paid about $455 million so far, TEPNG which is owed $610 got $307 million, NAOC which is also owed $774 million has been paid $389 million while CNL which is owed $1.097 billion has been paid just $$1.042 billion.

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