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NNPC owes JV partners $7b

01 June 2016, 17:57

Abuja - International Oil Companies (IOCs) in the Joint Ventures production are being owed $7 billion by the Nigerian National Petroleum Corporation (NNPC), according to Petroleum Investment Management Services (NAPIMS).

Nation reports that NAPIMS Group General Manager, Dafe Fejebor, made the revelation before the House of Representatives committees on Petroleum (Upstream) and Public Procurement which began investigation into the alleged $260 million “illegal” contract by NAPIMS.

The contract in contention was for four single source contracts for projects in Exxonmobil’s Usan Deepwater Project, at a total value of $260 million without any form of tendering process.

News24 had reported in January that the Nigerian National Petroleum Corporation, NNPC, was in indebted to International Oil Companies (IOCs), as it owes its Joint Venture (JV) partners $2.839 billion, about N567.76 billion, between January and November 2015.

The NNPC, in its Monthly Financial and Operations Report for November 2015, obtained from its website, stated that it was only able to pay $3.395 billion to fund its JV cash call obligation with IOCs, instead of a total of $6.774 billion.

Specifically, the NNPC stated that JV cash call is a first line charge to Federation Account, adding that the 2015 approved budget requires monthly funding of about $615.8 million.

- News 24

Tags nnpc nigeria

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