From the Field
Nigeria pays off $3 bln to oil majors
ABUJA, October 21, 2020 – The Nigerian National Petroleum Corporation (NNPC) has paid off around USD 3 billion owed to IOCs for joint-venture operating expenses, international media reported on Tuesday.
Having gained financial strength in recent years, the NOC was able to pay off the bulk of arrears owed to companies including Shell and ExxonMobil, and was left owing around USD 1.7 billion, according to a report from Bloomberg.
NNPC now owes USD 917 million to Shell, USD 385 million to Eni, USD 304 million to Total and USD 55 million to Chevron.
In audited accounts published late last week, the NOC reported dramatically lower losses for 2019 of only NGN 1.7 billion (USD 4.4 million) compared to NGN 803 billion (USD 2.1 billion) in 2018.