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NNPC settles $833.57m arrears with Mobil

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Nigerian National Petroleum Corporation (NNPC) yesterday said it has paid Mobil Producing Nigeria (MPN) $833.57 million cash-call arrears.

The corporation had, two years ago, signed cash-call repayment agreement with its joint venture partners to defray arrears within five years.

Group Managing Director (GMD) of NNPC, Dr. Maikanti Baru, stated last night that the feat was a product of determination and hard work.

Baru disclosed that NNPC came up with the novel cash-call exit strategy to boost investors’ confidence and grow the nation’s oil and gas industry.

He added that the payment did not in anyway undercut remittances to the Federation Account, as it was achieved through revenue from incremental production.


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