Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, stated this in his presentation at the 2022 Society of Petroleum Engineers(SPE) Oloibiri Lecture Series and Energy Forum (OLEF) with the theme ‘‘ Global Energy Transition: Implications on Future Investments in the Nigerian Oil and Gas Industry held in Abuja at the weekend.
Although, Osagie did not give figures for the outstanding cash-call and other debts, a Nigerian National Petroleum Company (NNPC) status report on the Pre-2016 Cash Call Arrears Repayment to the IOCs as at October 31, 2021, indicated that a total of $3.53billion has been paid by the Federal Government to five international oil companies as cash call arrears repayment, leaving an outstanding balance of $1.15billion.
The report, outlined the five IOCs to include SPDC, Mobil Producing Nigeria, Chevron Nigeria Limited, Total Exploration and Production Nigeria and Nigeria Agip Oil Company.
Figures from the document indicated that the Federal Government had completed the cash call repayments to MPN and CNL.- The Sun