Nigerian National Petroleum Corporation’s (NNPC’s ) debt overhang in cash call to multinational and indigenous oil companies has reached about $7billion, it was learnt at the weekend.
Cash call is the counterpart funding the NNPC pays yearly for the 60 per cent equity shareholding it owns in various oil and gas fields operated by International Oil Companies (IOCs) and indigenous oil firms (independents).
The Corporation has over the years been battling to clear the cash call arrears, which have been revolving around $5 billion. The Federal Government is determined to settle the arrears to the operators of the various JVs the Minister of State for Petroleum Resources and NNPC Group Managing Director, Dr Ibe Kachikwu, has said.
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