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Nigeria Pays Oil Majors $3 Billion for Past Operational Dues

The Plebiscite World by The Plebiscite World
October 21, 2020
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  •  Debt of $2.3 billion to Exxon Mobil has been fully paid: NNPC
  •  Nation still owes a total of $1.7 billion to the oil majors

 2:02Nigeria Pays Oil Majors $3 Billion for Past Operational Dues .

According to Report from Bloomberg,Nigeria reimbursed oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc $3 billion, moving closer to clearing operating expense arrears owed since 2010.

The payment is being settled through a five-year crude oil sales deal agreed in 2016, Nigerian National Petroleum Corp. said in a statement. While a majority has been paid as of August, there’s still about $1.7 billion outstanding. Exxon has got $2.3 billion, clearing all dues. Shell has received $455 million, but is still owed $917 million.

NNPC operates joint ventures with producers including Exxon Mobil, Shell, Chevron Corp., Total SE and Eni SpAthat pump about 80% of Nigeria’s output. Lower revenue and demands for other payments hampered NNPC’s ability to contribute its share of expenses from 2010 to 2015, leading to the arrears.

It still owes Eni $385 million, Total $304 million and Chevron $55 million, according to the statement. The oil majors didn’t immediately respond to requests for comments.

PAID AS OF AUGUSTOUTSTANDING
Exxon$2.3bnone
Shell$455m$917m
Chevron$1.04b$55m
Total$307m$304m
Eni$390m$385m
Source: NNPC

Nigeria had agreed a $5.1 billion settlement with the international oil companies four years ago. As of July 2019, NNPC had cleared $2.3 billion.

The Nigerian state-run company on Oct. 15 published audited accounts for only the second time in its 43-year history. The report showed its annual loss shrank to just a few million dollars last year from about $2 billion in 2018 as it slashed costs across its operations.

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