Nigeria National Petroleum Company Limited (NNPCL) Thursday said $3.8 billion has been paid to oil operators in the country to clear all outstanding Joint Venture (JV) cash-call debt.
The JV arrears, which has been a legacy challenge for operators in the oil and gas industry had remained a disincentive for the oil companies.
NNPC Ltd’s Chief Upstream Investment Officer, Bala Wunti, who disclosed this in Yenegoa, Bayelsa state noted that the country’s oil production has maintained significantly increase following measures to tackle crude oil theft.
He disclosed that the company had leveraged its financial autonomy derived from the PIA to work out and execute a payment plan for the cash call debt while balancing its energy security obligations to the nation.
“This, by no small means, re-energised the JVs to recalibrate their focus towards sustaining production and increasing their spending to procure the necessary services required to do so,” Wantu said.
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