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NNPC repays $3.08bn of JV cash call debts

NNPC repays $3.08bn of JV cash call debts

The Nigerian National Petroleum Corporation (NNPC), has repaid $3.081 billion from the $4.689 billion cash call arrears it negotiated with its Joint Venture (JV) partners, leaving an outstanding indebtedness of $1.609 billion.

In a report published recently, the NNPC stated that the repayments, which stood at 68.69 per cent of the total; and outstanding indebtedness, which stood at 34.31 per cent, were as at October 2020.

While the NNPC confirmed that it had cleared the cash call indebtedness to Mobil Producing Nigeria (MPN), it noted that it was working towards clearing the arrears owed Shell Petroleum Development Company (SPDC), Chevron Nigeria Limited (CNL), Total Exploration and Production Nigeria (TEPNG) and Nigeria Agip Oil Company (NAOC).

Specifically, the report disclosed that as at October 2020, the NNPC owed SPDC $917.205 million; CNL $55.479 million; TEPNG $265.011 million and NAOC $370.925 million. The NNPC further explained that in the case of SPDC, repayment was from the price balance distribution on Project Santolina; while in the case of CNL, repayment was from price balance distribution on Projects Cheetah and Falcon.

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Source: SweetCrudeReports

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