FG Owes Five IOCs $1.15bn Cash Call Arrears, Clears $3.53bn debt

A total of $3.53bn has been paid by the Federal Government to five international oil companies as cash call arrears repayment to the IOCs, leaving an outstanding balance of $1.15bn.

Latest status report on the Pre-2016 Cash Call Arrears Repayment to the IOCs as at October 31, 2021, seen in Abuja on Sunday, showed that the five oil companies were joint venture partners of the country’s oil firm.

The report, which was obtained from the Nigerian National Petroleum Company Limited, outlined the five IOCs to include Shell Petroleum Development Company, Mobil Producing Nigeria and Chevron Nigeria Limited.

Others include Total Exploration and Production Nigeria and Nigeria Agip Oil Company.

Figures from the document indicated that the Federal Government had completed the cash call repayments to MPN and CNL.

It was observed that the total negotiated debt and total payment to date of MPN was $833.75m, while the total negotiated debt and total payment to date of CNL was put at $1.097bn.

For SPDC, data from the latest repayment report showed that while the total negotiated debt was $1.37bn, the total payment to date was $680.6m, leaving a balance of $691.91m.


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