The Nigerian National Petroleum Company (NNPC) has paid over $3.68 billion in cash call debt to five oil companies as part of its total debt to its joint venture partners put at around $4.689 billion.
Recall that in January, the NNPC had paid an additional cash call arrears of $452,535,270 to its joint venture (JV) partners between November 2020 and November 2021, bringing to $3.54 billion the total debts it paid to the international oil companies (IOCs) since 2016.
According to the new data from NNPC, among the five International Oil Companies (IOCs) being owed the backlog, Mobil Nigeria Producing and Chevron Nigeria Limited (CNL) have been fully paid. While the other three Shell Petroleum Development Company, Total Exploration and Production Nigeria, and Nigeria Agip Oil Company are still being owed.
The outstanding balance of NNPC to the three firms, as captured in the March 2022 report is $1.01bn as of December 31, 2021. Cash calls are sent by joint-venture operators to non-operating partners for payment in the light of anticipated future capital, operating expenditures, or the need for additional capital contributions.